JLGC and JKB sign cooperation agreement for emerging projects
The Jordan Loan Guarantee Corporation (JLGC) and Jordan Kuwait Bank (JKB) signed an agreement to guarantee the risks of loans for small emerging projects, according to which JLGC will provide the necessary coverage to the Bank on risks of loans granted by JKB towards small emerging projects. The agreement was signed by Dr. Mohammed Al Ja'fari, Director General of JLGC and Mr. Mohammad Yaser Al-Asmar, General Manager of Jordan Kuwait Bank and in the presence of representatives of the Bank and JLGC’s management at Jordan Kuwait Bank’s Head Office in Amman.
This agreement aims at expanding employment opportunities and contributing to advancing economic development by motivating banks to grant loans to either establish or expand such projects, or raise their production efficiency, whereby the Jordan Loan Guarantee Corporation guarantees the loans provided to the emerging projects that are in accordance with the provisions of this agreement.
This program is the result of unremitting efforts of the Central Bank of Jordan (CBJ) led by H.E. Dr. Ziad Fariz, the Governor of the Central Bank since the beginning of 2017. Signing agreements with the banks participating in the program is a translation of CBJ’s strategy that aims at supporting medium, small, and emerging enterprises through providing the necessary financing in an effort to help them to grow their businesses, enhance their presence in the market, provide new job opportunities, and promote the growth of the national economy.