Kuwait based fund offers USD100 million loan to Jordan
Date
2/29/2016 6:25:21 PM
(MENAFN- Kuwait News Agency (KUNA)) AMMAN Feb 29 (KUNA) -- The Jordanian central bank announced on Monday working out an agreement with the Ministry of Planning and the Arab Fund for Economic and Social Development to earmark Kuwaiti dinar 30 million worth of loan (some USD 100 million) for funding small and medium companies.The central bank said in a statement the loan offered by the Kuwait-based AFESD would be re-lent to small finance companies and banks which would in turn re-loan it to very small small and medium-sized companies.The World Bank had offered a loan worth USD 70 million and AFESD contributed with USD 50 million for funding 11000 projects that secured more than 2600 jobs.AFESD chaired by the eminent Kuwaiti business leader Abdulatif Al-Hamad is a regional-Arab financial institution that finances development economic and social ventures and programs.The Kuwait-headquartered fund contributed between 1975 and 2015 to funding and executing many key development ventures in Jordan; estimated at 46 ones worth USD 1.9 billion. Grants given during the same period were in the range of USD 56 million. The fund had also financed a number of programs small and medium enterprises valued at USD 80 million. (end) mjb.rk
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.