The European Bank for Reconstruction and Development (EBRD) aims to boost import-export activity in Jordan by providing a US$10mn trade facility to Jordan Ahli Bank (JAB).

The facility, which forms part of the EBRD’s trade facilitation programme (TFP), will enable JAB to extend a wider range of trade finance products to customers, and to engage more international trading companies.

“This will undoubtedly increase the flow of trade,” says senior deputy CEO and head of group support at JAB, Saad Mouasher. “Together with the EBRD, we are facilitating and improving the depth and reach of trade finance activities for our customers, which will stimulate business growth and support Jordan’s macroeconomic expansion.”

The EBRD has committed €203mn in Jordan to date, across seven projects in various sectors. The bank has also established 30 technical assistance capacity-building support programmes that directly benefit Jordanian SMEs.

Commenting on the deal, southern and eastern Mediterranean managing director at the EBRD, Hildegard Gacek, says the facility with JAB “constitutes an important step for EBRD’s engagement in Jordan”.