IFC and Jordan’s Cairo Amman Bank Partner to Expand Trade in Jordan
IFC, a member of the World Bank Group, today announced that Jordan’s Cairo Amman Bank has joined the IFC Global Trade Finance Program, as an issuing bank. to help expand its trade finance support for Jordanian businesses.
Cairo Amman Bank is the fourth bank to join IFC’s Global Trade Finance Program in Jordan after Capital Bank, Union Bank for Saving and Investment, and Bank of Jordan, and will use the funds to help more Jordanian businesses import consumer goods, raw materials, capital equipment, and agricultural products.
Rana Sunna, Cairo Amman Bank’s Deputy General Manager for Banking Services, said, “IFC’s Global Trade Finance Program will complement our efforts to expand our relationship with correspondent banks worldwide and allow us to continue supporting the growth of trade business for our branches in Jordan and West Bank territories.”
Ahmed Ali Attiga, IFC Resident Representative and Head of Mission in Jordan, said, “Working with Cairo Amman Bank is in line with IFC's strategy in Jordan to expand access of finance to the corporate sector with a special focus to small and medium sized enterprises." This new collaboration complements IFC existing work with the Bank on promoting student loan programs.
IFC’s Global Trade Finance Program supports trade in emerging markets and promotes the flow of goods and services between developing countries
IFC provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks, allowing them to expand their trade finance transactions within a large network of countries and banks to enhance their trade finance coverage.
IFC has been active supporter of Jordan’s financial sector, providing trade finance lines to a number of banks and investment and advisory services. IFC has provided trade guarantees worth more than $87 million to Jordanian banks since the program’s inception in fiscal year 2007, supporting trade in numerous sectors like iron and steel, fertilizer, and agricultural and food products.