20 Jun, 2010

Arab Bank and King’s Academy signed on Thursday June 17th, an agreement by which Arab Bank provides a 15 Million US Dollars loan to the Academy.

The agreement was signed by Mr. Abdel Hamid Shoman, Executive Chairman of Arab Bank and Mr. Safwan Al-Masri, Chairman of the board of trustees of King's Academy. The signing ceremony was also attended by Mr. Nemeh Sabbagh, CEO of Arab Bank and Ms. Dana Adwan, Deputy Headmaster and Chief Financial Officer of King’s Academy.

King's Academy is a non-profit private limited company established in 2004 as a joint venture between King's Academy USA and the King Abdullah II Fund.

The Academy is a boarding school providing secondary level education, and is located in Amman Jordan, on a 600,000 m2 property.

Realizing the Vision of His Majesty King Abdullah II, King's Academy is in constant pursuit of setting the benchmark of excellence in High school education in the Middle East by utilizing the best resources and facilities and implementing the most advanced educational methods and technologies.

The eight year long loan provided by Arab Bank will fund the Academy's expansion and development plans which include new facilities to increase the school capacity.

This Agreement comes as part of Arab Bank’s policy of providing support to strategic sectors of the local economy. It is also in line with the Bank's commitment to social development in general and in education, particularly in Jordan and the region. This deal also reflects the diversity of investments in the loans portfolio of Arab Bank which includes several strategic sectors of the Economy.