Jordan’s Cairo Amman Bank has become the fourth bank in the country to join the IFC global trade finance programme as an issuing bank.
Jordan’s Capital Bank, Union Bank and Bank of Jordan have all also joined the programme, which is designed to support trade with emerging markets and promote the flow of goods and services between developing countries.
Cairo Amman’s inclusion in the programme as an issuing bank will 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, notes: “IFC’s global trade finance programme 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.”
Ahmed Attiga, IFC principal country officer for Jordan, adds: “Working with Cairo Amman Bank is in line with IFC’s strategy in Jordan to expand access to finance to the corporate sector with a special focus on small and medium sized enterprises.”
To date, IFC has provided trade guarantees worth almost US$87mn to Jordanian banks since the programme’s inception in 2007.
Last Updated June 24, 2010
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