CVDB records JD21 million profit over 8 years

AMMAN — Cities and Villages Development Bank  (CVDB) Director General Osama Azzam on Tuesday highlighted the importance of having a fair budget and accurate framework for local administrations.

Speaking during the weekly Government Communication Forum hosted by the Ministry of Government Communication, Azzam said, “In the last seven to eight years, the bank’s profits have increased from JD9 million to about JD21 million.” 

Azzam also highlighted the role CVDB plays in propping up the labour market, and the bank’s action policy and growth process throughout the years.

“The total capital of the CVDB has grown in the past few years around 20 times, and among the major updates that have occurred is that the Provincial Development Fund has been transferred from the Jordan Enterprise Development Corporation to the CVDB.” 

He further said there is financial support for projects that are executed by governorates and the private sector, noting that the CVDB is the first entity in the Middle East to be accredited by the Green Climate Fund.

Azzam pointed out that CVDB’s board has been changed and two members have been added from the private sector.

The pandemic has had severe impacts on governorates and up until today there is a deficit of nearly JD317 million, according to Azzam who stressed the importance of having constant partnerships with the private sector.