AMMAN — The European Bank for Reconstruction and Development (EBRD) is fostering trade in Jordan by providing a $50 million trade finance limit to Housing Bank for Trade and Finance under its Trade Facilitation Programme (TFP).
The facility will also enable Housing Bank to provide cash financing to its clients for pre-export and post-import financing and to finance the local distribution of imported goods, according to an EBRD statement.
By joining the TFP, Housing Bank will gain access to a community of more than 100 issuing banks and 800 confirming banks worldwide, expanding its correspondent banking network and international business opportunities.
The Housing Bank will also have the opportunity to develop new products such as factoring, which will support small- and medium-sized enterprises (SMEs) and intra-regional trade.
The EBRD TFP was launched in 1999 with the aim of promoting international trade between the economies in the bank’s regions, in the form of guarantees and short-term loans to selected participating banks and factoring companies.