The EBRD is partnering with Jordan Commercial Bank (JCB) to support the development of small businesses in Jordan with a US$ 10 million financing package. A US$ 10 million credit line will be used for on-lending to local micro, small and medium-sized enterprises (MSMEs), which are the backbone of the Jordanian economy.
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; MSMEs provide 70 per cent of total private sector employment and generate approximately 40 per cent of gross domestic product.
Caesar Qulajen, CEO of Jordan Commercial bank, said: "The MSMEs segment play a major role in the development of the economy, especially in light of its vast role in combating poverty and unemployment indicators. The biggest challenge for this segment in Jordan is to obtain financing for their MSMEs projects. The signing of this agreement stems from our belief in the importance of supporting this segment and strengthening its projects and ensuring its continuity."