Affordable financing: EIB and Arab Bank sign $356mln agreement

EIB’s financing will be channelled by Arab Bank at rates affordable to small businesses

  
Image used for illustrative purpose An employee of the Korea Exchange Bank counts one hundred dollar notes at the bank's headquarters in Seoul February 24, 2009.

Image used for illustrative purpose An employee of the Korea Exchange Bank counts one hundred dollar notes at the bank's headquarters in Seoul February 24, 2009.

REUTERS/Jo Yong-Hak
LONDON: The European Investment Bank (EIB) and Arab Bank have signed a financing agreement of €300 million ($356mln) to support small and medium-sized enterprises in Jordan, Egypt, Lebanon, Morocco and the Palestinian territories.
The operation comes under the EIB’s Economic Resilience Initiative (ERI), aimed at enhancing the prospects for more resilient and inclusive growth in the region, as well as creating sustainable employment opportunities.
It also represents the first EIB’s regional credit line for small and medium businesses in the selected countries.
The EIB’s financing will be channelled by Arab Bank at rates affordable to small businesses, thereby enhancing economic growth through catalizing and accelerating private investment, the EIB said in a statement.
EU Ambassador to Jordan, Andrea Matteo Fontana, said: “The EU is supporting Jordan in its ongoing efforts to reinforce the stability and resilience of its economy. We work together with the national authorities, the civil society and the financial sector to support private sector and improve access to finance so that all segments of the population in Jordan – including women, youth and refugees — can equally pick from better and more options to improve their financial and job perspectives.”

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