CBJ to begin receiving requests for SME financing programme next week

AMMAN — The Central Bank of Jordan (CBJ) on Friday confirmed that banks across the Kingdom will start receiving requests early next week within the new special JD500 million financing programme aimed at professionals, craftspersons, owners of individual institutions and small- and medium-sized companies, to alleviate financial burdens and losses as a result of the coronavirus crisis.

The CBJ stated that it will lend this amount to all banks operating in the Kingdom at zero-per-cent interest to allow individual banks to re-lend the funding to the target groups at a rate of no more than 2 per cent. The CBJ noted that these loans will be 85 per cent guaranteed by the Jordan Loan Guarantee Corporation, the Jordan News Agency, Petra, reported.

The bank noted that this programme is expected to help target groups resume and start their business by providing the necessary liquidity, with funding of up to JD1 million for individual companies. The programme covers all commercial, industrial and service sectors in the Kingdom, including the construction, operational industries and agricultural sectors, with “no exceptions”.