USD20m EBRD Loan to Cairo Amman Bank to Boost SME Sector in Jordan

تم نشره في Mon 22 January / Jan 2018. 01:00 AM
  • Amman Cairo Bank branch in Amman - (Archives/Source)

AMMAN — The European Bank for Reconstruction and Development (EBRD) said Monday it will provide a USD20 million loan to Cairo Amman Bank (CAB) for on-lending to local micro, small and medium-sized enterprises (MSMEs), continuing its support of the development of small businesses in Jordan.

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, as well as 70 per cent of total private sector employment, an EBRD statement said, adding that Jordan’s MSMEs also generate approximately 40 per cent of the country’s Gross Domestic Product (GDP).

EBRD Director for the Eastern Mediterranean region, Heike Harmgart said: "We are very happy to partner once again with CAB to support the Jordanian private sector. MSMEs are a priority sector for the EBRD as they are the backbone of the economy and contribute significantly to employment and economic growth." General Manager of Cairo Amman Bank, Kamal Al Bakri said: "CAB strongly supports the development of the MSME sector in Jordan. This has been a major component of our strategic goal in pursuing economic growth, partnering with the government and individual enterprises by presenting opportunities for them to transform their projects from a blueprint into reality."