Bank Audi lends $380 million to Lafarge for Syria expansion

Bank Audi has arranged a $380 million syndicated loan to help finance the construction of a new Lafarge cement plant in Syria.

{reg}The Lebanese bank arranged the financing for OCI - Orascom Construction Industries - which was acquired by Lafarge for $13 billion at the end of 2007. Bank Audi coordinated the financing together with 16 other banks, including French and Danish institutions.

The financing is destined for a new 2,9 million ton per year cement plant which is expected to start production in 2010. Lafarge will own 80% in the operation with a local partner - Groupe Tlas, headed up by Syria's former minister of defense  - owning the balance, reports Le Commerce du Levant.