Blom bank, one of Lebanon's top two banks, has extended a $101 million loan to Jordan's Abdali Investment and Development firm to finance a major property project in the capital's downtown area.

They said the bank, which has expanded its presence in the kingdom with five branches across the country since it began operations in 2004, had extended a five-year facility to the Amman-based real-estate firm.

'The loan will be used in the construction of the Abdali project and its infrastructure,' Adnan Al Araj, general manager of Blom Bank's Jordanian operations, said.

Abdali Investment and Development, which is undertaking the project, is a 50-50 joint venture between Jordan's largest property investment firm, state-owned Mawared, and Saudi-based Oger group, which is owned by the family of late Lebanese Prime Minister Rafik al-Hariri.

The Abdali project is the Hariri family's first major property venture outside Lebanon since they founded Soldiere real estate in 1994 to rebuild the old commercial centre of Beirut, devastated during a 15 year civil war.

The $3 billion Amman real estate development project, the largest ever in the Jordanian capital, is scheduled for completion by 2009.-Reuters