(MENAFN- Kuwait News Agency (KUNA)) The Central Bank of Jordan (CBJ) announced on Tuesday it received USD 50 million out of USD 70-million loan from the World Bank Group.
The funds have been channeled to 12 local banks which will, in turn, use the funds in financing micro, small and medium-sized enterprises in the kingdom at competitive interest rates and on easy terms, according to a CBJ statement.
The remaining USD 20 million will be pumped to the local banks by the end of the first quarter of 2014 at most, the statement said.
The WB loan aims to help the SMEs play a crucial role in promoting the Jordanian economic growth and curbing the rise in unemployment and poverty rates.
Jordan and the WB signed an agreement on the loan in last March.
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