CBJ’s upcoming projects to focus on available resources, export opportunities

AMMAN — Industrial sector representatives on Sunday discussed with Central Bank of Jordan (CBJ) Governor Ziad Fariz the challenges and obstacles facing the sector’s business in light of the COVID-19 crisis, especially those related to the banking sector.

During the meeting, which took place via videoconference, Fariz pointed to the measures taken by the CBJ since the beginning of the crisis to support productive sectors through its funding programme to boost economic sectors and its financing of operating expenses and working capital, including salaries and employee wages.

He also pointed to the CBJ’s support for productive sectors through the JD500 million programme to assist small- and medium-sized companies, and its expansion of the beneficiaries of this programme, the Jordan News Agency, Petra, reported.

The governor noted the importance of directing banks to postpone credit facilities instalments over a period of three months, as the volume of the credit facilities granted by the banking sector to the industrial sector amounts to about JD3 billion in order to provide the necessary liquidity to the sector.

Fariz stressed the CBJ’s interest in supporting the industrial sector, especially exports, through expanding export credit guarantee programmes, highlighting the need to take advantage of the export opportunities currently available.

The CBJ intends to establish an investment fund in cooperation with local banks and donors at a value of more than JD700 million, with the aim of pumping investments to expand production capacities and increase dependence on local resources, taking advantage of available opportunities, he said.

Head of the Jordan and Amman Chambers of Industry Fathi Jaghbir said that the executive management in the industrial chambers will follow up on various issues and problems facing industrial companies within the banking system, and will discuss them later with the CBJ in order to address them to the fullest extent possible.

During the meeting, many issues of concern to the work of industrial companies were raised, most notably the “reluctance” of some banks to deal with financing programmes provided by the CBJ and the long period required for requests to benefit from financing programmes to be approved.