The European Bank for Reconstruction and Development (EBRD) is partnering with Cairo Amman Bank (CAB) to increase support for small businesses in Jordan by providing the equivalent of US$ 20 million in Jordanian dinars for on-lending to micro, small and medium-sized enterprises (MSMEs).

Access to finance for MSMEs remains a challenge in Jordan, and this is particularly true for women-led businesses, new firms, small-scale enterprises and MSMEs located outside Amman.

Cairo Amman bank is the first Jordanian bank to sign a credit line under the EBRD MSMEs Framework. This facility will enable CAB to expand its lending to private MSMEs in Jordan.

Dr. Heike Harmgart, Head of the EBRD Resident Office in Jordan, said: “Signing this credit line with CAB is an important milestone for the EBRD in providing finance to small businesses in Jordan. CAB is committed and well-positioned to assist MSMEs, an important sector for the EBRD to develop as it contributes to economic growth and job creation.”

Kamal Al Bakri, General Manager of Cairo Amman Bank, said: “We at CAB are always keen to support Jordan’s economic and social initiatives, aimed at building and refining a better future for all of the country’s citizens. The partnership with the EBRD will enhance the potential of the MSME sector in Jordan through direct facilities with competitive interest rates and loan-duration structures.”

The EBRD will also provide technical assistance to CAB, which will support the expansion of the Bank’s MSME lending, enabling the transfer of international best practices, knowledge and skills.