His Excellency Bassem Khalil Al-Salem, Chairman of Capital Bank, and Dr. Jassim Al-Mannai, CEO of the Arab Trade Financing Program (ATFP), signed an agreement to promote trade financing within the region.

Under the agreement, Capital Bank was given a USD 7 million credit line to finance trade between the Arab states. The credit line will also be utilized to help grow the industrial and service sectors within the Kingdom.

Al-Salem commended the role that the ATFP plays in facilitating and serving trade and development between Arab states which also positively impacts the competitiveness of producers and exporters within the region.

Al-Salem added that the agreement will enable Capital Bank to bolster trade and manufacturing in Jordan through the financing and support of local manufacturers. He went on to say that the Bank will be offering its clients credit facilities with flexible terms and conditions. He expressed his hope that the increase in trade would improve the balance of trade and support other sectors within the local economy.

In turn, Dr. Al-Mannai applauded Capital Bank and the spirit of the partnership. He stressed the important role that ATFP’s various services - ranging from convenient credit facilities to trade information and promotion support - play in increasing Arab producers and manufacturers’ productivity and competitiveness capabilities. Al-Mannai also said that these services support regional economies and encourage trade with the aim of enhancing Arab economic development.

Based in Abu Dhabi, the ATFP was established in 1989 as a specialized multi-Arab financial institution that contributes to the development of Arab trade and the increased competitiveness of Arab producers and exporters.