EBRD boosts small businesses in Jordan

By Nibal Zgheib

EBRD boosts small businesses in Jordan

US$ 20 million to Cairo Amman Bank

The EBRD is providing a loan in Jordanian Dinar - equivalent to US$ 20 million - 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. Jordan’s MSMEs also generate approximately 40 per cent of the country’s GDP.

Dr Heike Harmgart, EBRD Director for the Eastern Mediterranean region, 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.”

Kamal Al Bakri, General Manager of Cairo Amman Bank, 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.”

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

Cairo Amman Bank (CAB) is the fifth largest bank in Jordan with total assets of US$ 4.0 billion as of 30 September 2017. While CAB focuses predominantly on retail operations, it is a universal bank offering a wide range of products and services including micro, SME and corporate lending. CAB is listed on the Amman Stock Exchange (ASE) with a market capitalisation of US$ 386 million as of 30 September 2017.