The European Bank for Reconstruction and Development (EBRD) has extended a trade finance credit line worth US$35mn to Cairo Amman Bank in Jordan.

The credit will be used to finance the international trade of Jordanian SMEs who will be able to draw on 12 month-termed cash advances and guarantees for three year transactions.

Kamal Gharib Al-Bakri, general manager of Cairo Amman Bank, says: “The signature of this US$35mn trade finance facility will foster the growth of Jordan’s economy by targeting corporates and local SMEs as well as expanding foreign trade activities. It will also strengthen Cairo Amman Bank’s position as a leading institution in the Jordanian banking sector”.