EBRD grants $20m to support MSMEs

AMMAN — The European Bank for Reconstruction and Development (EBRD) is partnering with Cairo Amman Bank (CAB) to support local micro, small- and medium-sized enterprises (MSMEs) with a $20 million financing package, a statement by ERBD said.

Access to finance remains a challenge for Jordan’s MSMEs, despite the fact that they account for 95 per cent of active firms in the country, and 70 per cent of total private sector employment. They also generate some 40 per cent of the country’s GDP. “We are very happy to partner once again with CAB to support the Jordanian private sector.

MSMEs are a priority sector for the EBRD as they are the backbone of the economy and contribute significantly to employment and economic growth,” EBRD Director for the Eastern Mediterranean region Heike Harmgart was quoted in the statement. 

For his part, CAB General Manager Kamal Al Bakri said  in the statement: “Support to MSMEs has been a major component of our strategic goal in pursuing economic growth, partnering with the government and individual enterprises by presenting opportunities for them to transform their projects from a blueprint into reality.”