The European Bank for Reconstruction and Development (EBRD) has offered $10 million in credit to Jordan Ahli Bank so it can finance loans for micro, small and medium enterprises (MSMEs), as well as entrepreneurial ventures.
The funding will make financing more accessible to SMEs in Jordan, which are currently underserved by regional banks, according to an ERBD press release.
“We are very pleased to partner with Jordan Ahli Bank, which is committed to developing small businesses in Jordan," Heike Harmgart, EBRD's head of office in Jordan, said. "This sector is a priority for the EBRD as it is the backbone of the economy and generates employment opportunities for all segments of the population."
Mohamad Mousa Daoud, CEO and general manager of Jordan Ahli Bank, said it's a "privilege" to boost ties between the bank and the EBRD.
“It is our privilege to further strengthen our strategic partnership with the EBRD, which in turn will enhance our dedication and commitment to MSMEs in Jordan through extending financial and non-financial support to this vital sector, fulfilling our promise to develop our economy," Daoud said.
Jordan became one of EBRD's countries of operations five years ago. So far, the EBRD has pumped nearly $1 billion into projects in the area.