European Investment Bank and Jordan Kuwait Bank Partner to Boost Access to Financing for Jordanian Businesses

Strategic Insights -

Gelsomina Vigliotti, Vice President of the European Investment Bank (EIB), has announced a new USD 63 million financing loan to support joint initiatives between the EIB and Jordan Kuwait Bank (JKB). This financing will enable businesses across Jordan to expand their operations, create jobs, and access new business opportunities. The EIB has agreed to provide USD 63 million to JKB to facilitate financing to local businesses, as part of a broader EUR 350 million financing program aimed at strengthening the economic resilience of Jordan's private sector.

Key Takeaways:

  • The European Investment Bank has agreed to provide USD 63 million to Jordan Kuwait Bank (JKB) to facilitate financing to local businesses.
  • The new lines of credit will enable businesses across Jordan to expand their operations, create jobs, and access new business opportunities.
  • The financing is part of a EUR 350 million financing program, endorsed by the EIB in May 2022, aimed at strengthening the economic resilience of Jordan's private sector.
  • The EIB has committed to providing EUR 927 million for private investments across Jordan since 1979.
  • The partnership between the EIB and JKB is supported by the European Union's pledge to support Jordan's private sector and strengthen economic resilience.
  • Haethum Buttikhi, CEO of JKB, emphasized the importance of supporting SMEs and mid-caps that form the backbone of Jordan's economy.
  • The new cooperation with the EIB is aimed at supporting business investments, Jordanian SMEs, and funding key segments in Jordan.

Statistics:

  • USD 63 million: The amount of financing provided by the EIB to JKB to support joint initiatives.
  • EUR 350 million: The total amount of the financing program aimed at strengthening the economic resilience of Jordan's private sector.
  • EUR 927 million: The amount of financing provided by the EIB for private investments across Jordan since 1979.
  • 68: The number of branches operated by JKB across Jordan.
  • 95.6%: The controlling share of JKB in United Financial Investments (UFICO).

Sources:

  • Gelsomina Vigliotti, Vice President of the European Investment Bank.
  • Haethum Buttikhi, CEO of Jordan Kuwait Bank.
  • Maria Hadjitheodosiou, Head of the European Union Delegation to the Hashemite Kingdom of Jordan.
  • European Investment Bank (EIB) press release.
  • Jordan Kuwait Bank (JKB) website.