Eight Saudi and foreign banks have offered to pay SR1.5 billion in loans to finance the SR4 billion Jamrat expansion project in Mina, Asharq Al-Awsat Arabic Newspaper reported. Bank Albilad will give 24 percent of the amount. Other participants are Al-Khaleej Bank; Samba Financial Group; National Commercial Bank; Emirates Bank; Riyad Bank; Banque Saudi Fransi and Saudi Hollandi Bank. "The banks will finance the project following Islamic principles," informed sources told the newspaper. The contribution of banks other than Albilad ranged between 14.7 and 6.6 percent, they added. The new Jamrat bridge is designed to hold more than three million pilgrims. The project aims at reducing congestion in Jamrat and avoiding the occurrence of stampedes. The company has established a factory in Bahra, 50 km north of Jeddah, to make concrete blocs required for the project, which will be completed in four phases.
