Categories: Business

US$ 10 million financial package to Jordan Commercial Bank

The FINANCIAL — The EBRD is partnering with Jordan Commercial Bank (JCB) to support the development of small businesses in Jordan with a US$ 10 million financing package.

A US$ 10 million credit line will be used for on-lending to local micro, small and medium-sized enterprises (MSMEs), which are the backbone of the Jordanian economy.

Access to finance remains a challenge for Jordan’s MSMEs, despite the fact that they account for 95 per cent of active firms in the country; MSMEs provide 70 per cent of total private sector employment and generate approximately 40 per cent of gross domestic product, according to the EBRD.


Dr. Heike Harmgart, EBRD Director for the Eastern Mediterranean region, said: “We are very happy to partner with JCB to support lending to MSMEs. We consider MSMEs the backbone of the economy and a priority sector to develop as it contributes significantly to employment and economic growth.”

Caesar Qulajen, CEO of Jordan Commercial bank, said: “The MSMEs segment play a major role in the development of the economy, especially in light of its vast role in combating poverty and unemployment indicators. The biggest challenge for this segment in Jordan is to obtain financing for their MSMEs projects. The signing of this agreement stems from our belief in the importance of supporting this segment and strengthening its projects and ensuring its continuity.”

The European Union is providing grant support to this transaction as part of a broader initiative channelled through the EBRD and other partners. The EU Financial Inclusion Initiative is a comprehensive programme to help MSME’s in the southern and eastern Mediterranean region to become more competitive and grow. It provides finance and know-how to boost development and create jobs.

Andrea Matteo Fontana, Head of the EU Delegation to Jordan, said: “Thanks to our longstanding and fruitful cooperation with the EBRD, we are able to facilitate access to finance for dynamic entrepreneurs, in particular women and young people, in order to create new jobs in Jordan.”

Jordan became an EBRD country of operations in 2012. To date, the EBRD has committed over US$ 1 billion to 40 projects in Jordan.



Recent Posts

Russian Patriarch Kirill Says Dying In Ukraine ‘Washes Away All Sins’

Patriarch Kirill, head of the Russian Orthodox Church, has told his followers that "sacrifice in…

5 hours ago

Charity Foundation AI IA celebrates the new academic year with special event

Our group's social direction charity foundation AI IA . The team congratulated the little beneficiaries…

11 hours ago

Construction costs increased by 7.2 percent in Georgia

In the second quarter of 2022 the Construction Cost Index (CCI) increased by 7.2 percent…

12 hours ago

Ukraine says 57 200 Russian invaders died since 24.02.2020

According to he Ministry of Defence of Ukraine, the total combat losses of the enemy…

13 hours ago

Russian: Negative Assessments Prevail in Relation to the USA, the EU, Estonia and Ukraine

Negative assessments continue to prevail in relation to the USA, the EU, Estonia and Ukraine.…

13 hours ago

The situation in the occupied Crimea is catastrophic

  Ukrainians! Today we have great news. Maryana Mamonova, a combat medic, defender of Azovstal…

13 hours ago