This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.
Provison of a senior unsecured loan of up to USD 30 million to Cairo Amman Bank ("CAB"), under the Bank's Resilience Framework (RF). Proceeds of the proposed loan will be on-lent to local private small and medium sized enterprises (SMEs) and corporates, supporting them in bridging the liquidity needs that may arise as a result of the outbreak.
The financing will help CAB provide funding to private sector SMEs and corporates experiencing either a decrease in their activity, turnover and profitability.
The transition impact of the project will stem from its contribution to the continued functioning of the Jordanian economy by helping private SMEs and corporates address contemporary challenges. The project will also help CAB maintain its competitiveness in the market.
CAIRO AMMAN BANK
Cairo Amman Bank ("CAB") is the 5th largest bank in Jordan by assets with market share of 4.8% as at 1H 2020. CAB was established in 1960 and listed on the Amman Stock Exchange. CAB offers a full range of products and services to retail, SME and corporate clients through its 93 branches cross Jordan.
EBRD Finance Summary
Total Project Cost
COVID-19 crisis response allows CAB to respond to liquidity needs for SMEs and corporates experiencing slowdown and payment delays, or increased capacity needs following a massive fluctuation in demand.
Environmental and Social Summary
Categorised FI (ESP2019). CAB is an existing Client and is required to comply with PRs 2, 4 & 9, and further implement and comply with EBRD's TFP Environmental & Social (E&S) Procedures and the applicable Risk Management Procedures for Micro, SME and Corporate Lending. The review of the annual E&S reports demonstrates a number of elements of risk management procedures in line with PR9. The Borrower will be required to continue to submit annual environmental and social reports to the Bank to monitor their E&S performance and progress. There is no GET component associated with this Project.
Technical Cooperation and Grant Financing
Company Contact Information
Mrs. Ola Odeh
PSD last updated
17 Dec 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
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Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email email@example.com to get guidance and more information on IPAM and how to submit a request.