EBRD extends $10m trade facility to Capital Bank of Jordan

AMMAN — The European Bank for Reconstruction and Development (EBRD) announced Sunday in a press statement that  is boosting export and import activities in Jordan by providing a $10 million trade facility to Capital Bank Jordan (CB) under the EBRD’s Trade Facilitation Programme (TFP).

“The TFP facility will enable CB to provide a wider range of trade finance products and develop new products," the press release said.

"The EBRD’s support will also allow CB to reach out to more companies engaged in cross-border trade." Under this facility, the EBRD will issue guarantees in favour of international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by these banks in the countries where the EBRD works.

Heike Harmgart, EBRD head of office in Jordan, said: “Supporting international and regional trade is key for Jordanian economy.

” Haytham Kamhiyah, chief executive officer of Capital Bank, commented: “This programme will allow us to expand our  services and strengthen our relations in international trade finance as well as with joint venture banks in this programme and the countries covered.” Technical cooperation projects will accompany the trade finance facility, to transfer know-how and share best practice.