EIB provides JCB with JD24m to support local businesses

AMMAN — The European Investment Bank (EIB) signed an agreement on Wednesday to provide the Jordan Commercial Bank with JD24 million for on-lending to local companies for the purpose of backing Jordanian business investment.

“Jordan Commercial Bank (JCB) is supporting private sector investments in Jordan and enabling our corporate, business and agricultural clients to invest for the future and create economic opportunities,” JCB’s CEO Ceaser Qulajen said during his opening remarks at the signing ceremony in Amman.

Qulajen added that the new partnership with the EIB will strengthen support for companies across Jordan and will unlock new financing for the private sector to be provided by the JIB’s branches across the country. 

“Companies across the country have been impacted by health, trade and business challenges triggered by the COVID-19 pandemic, regional conflicts and climate change,” Vice President of EIB Gelsomina Vigliotti said before signing the agreement. 

Vigliotti added that the EIB’s new agreement with the JCB demonstrates how the EU and Jordanian partners are working together to ensure that private sector business can invest, create jobs and grow. She added that the EIB is pleased to provide 30 million euros of new targeted financing to unlock new financing essentials, as well as to strengthen private sector investment and to accelerate the post-pandemic recovery of Jordan. 

“The EU is committed to supporting the private sector in Jordan,” head of the EU delegation to Jordan Maria Hadjitheodosiou said during the event. 

Hadjitheodosiou added that the team Europe cooperation with the EIB will increase access to targeted business finance by companies across Jordan. 

“By helping private sector resilience to the new 30 million euros financing scheme will create jobs, unlock business growth and enable Jordanian companies to seize new business opportunities in the years ahead,” Hadjitheodosiou said.