By Rebecca Bundhun
UAE bank inks deal along with five others to finance new university facility in Abu Dhabi.
The UAE’s First Gulf Bank (FGB) has signed a $323 million syndicated loan with Mubadala Development Company (Mubadala) to finance the new campus of Paris Sorbonne University in Abu Dhabi, FGB revealed on Sunday.
FGB agreed the deal for the twenty year loan along with Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas, Calyon Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.
FGB will act as mandated lead arranger, providing 25 percent of the total project value, the bank said in a statement.
“Education is the cornerstone of any country’s future,” said André Sayegh, FGB’s chief executive officer.
“The development of our youth ensures the development of the UAE, which will ultimately be of benefit to all,” he said.