- New financing agreements signed with Jordan Commercial Bank
- New partnership to strengthen economic resilience to COVID-19 challenges
- Latest engagement announced at joint EIB - Central Bank of Jordan conference on SMEs
Access to finance by entrepreneurs and businesses across Jordan will be enhanced by new cooperation between the European Investment Bank and Jordan Commercial Bank.
The European Investment Bank will provide EUR 30 million (JOD 24 million) to Jordan Commercial Bank for on-lending to local companies. The new credit line will back business financing to help Jordanian companies to invest and create jobs and to enhance economic resilience to the COVID-19 by companies most impacted by the pandemic.
The latest European Investment Bank support for private sector investment in Jordan was announced in Amman earlier today at “Jordan SME Finance 2022”, a conference hosted jointly by the Central Bank of Jordan and the European Investment Bank.
“Jordan Commercial Bank is supporting private sector investment across our country and enabling our corporate, business and agricultural clients to invest for the future and create economic opportunities. The new partnership with the European Investment Bank will strengthen our support for companies across Jordan and unlock new private sector financing to be provided by our branches across the country” said Caesar Qulajen, Chief Executive Officer, Jordan Commercial Bank.
“Companies across Jordan have been impacted by health, trade and business challenges triggered by the COVID-19 pandemic, regional conflict and climate change. Today’s new agreement with Jordan Commercial Bank demonstrates how EU and Jordanian partners are working together to ensure that private sector business can invest, create jobs and grow. As part of Team Europe, the European Investment Bank is pleased to provide EUR 30 million of new targeted financing to unlock new financing essential to strengthen private sector investment and accelerate the post-pandemic recovery of Jordan.” said Gelsomina Vigliotti, Vice President of the European Investment Bank.
“The European Union is committed to supporting the private sector in Jordan. The Team Europe cooperation with the European Investment Bank will increase access to targeted business finance by companies across Jordan. By helping private sector resilience to the new EUR 30 million financing scheme will create jobs, unlock business growth and enable Jordanian companies to seize new business opportunities in the years ahead.” said Ambassador Maria Hadjitheodosiou, Head of the European Union Delegation to the Hashemite Kingdom of Jordan.
Working with Jordanian partners to strengthen regional economic resilience
The EIB financing comes under the Economic Resilience Initiative (ERI), which is part of the European Union’s response to the challenges in the Southern Neighbourhood, such as forced displacement and migration, economic downturns and political crises. Under this initiative, the EIB has been making available EUR 750 million financing to seven Jordanian financial intermediaries.
Team Europe support for private sector investment in Jordan
The latest EIB backed business financing in Jordan is part of the EIB’s increased global engagement to ensure that companies can continue to access finance when faced with unprecedented health, business and trade challenges linked to COVID-19, approved by European Union finance ministers in April 2020, within weeks of the impact of the pandemic being recognised.
The European Investment Bank is the world’s largest international public bank, owned directly by the 27 European Union member states. The EIB has provided EUR 927 million for private investment across Jordan since 1979.
EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
