Jordan’s Industrial Development Bank (IDB) will gradually be transformed from a specialized industry and tourism financing institution into a semi-commercial and then a commercial development bank. The transitional phase could extend up to four years, reported the Jordan TImes.
The move will be initiated once an amendment to the law governing the bank’s establishment and operations is passed in the near future. The modification will enable the bank to expand it activities to most economic sectors and offer a comprehensive package of banking services, under the framework of a restructuring scheme, formulated by the bank’s board of directors.
The banks has reported seven million Jordanian Dinars ($9.86 million) in revenues during the first nine months of 2002. IDB was established in 1965 for the purpose of promoting industrial projects, increasing job opportunities and encouraging and motivating the private sector to acquire stocks in such projects. — (menareport.com)
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