Capital Bank

Capital Bank OF Jordan

Get it On Play Store

You are on PERSONAL BANKING

DFC Commits $50 Million to Expand Financing for Iraqi Entrepreneurs

The U.S. International Development Finance Corporation (DFC) and the U.S. Agency for International Development (USAID) today signed a ceremonial agreement for a $50 million loan to the National Bank of Iraq (NBI) that will expand access to financing for entrepreneurs across the country. This marks DFC’s first loan to a commercial bank in Iraq.

DFC Chief Executive Officer (CEO) Scott Nathan joined National Bank of Iraq Chairman Bassem Al-Salem for the ceremony. Iraqi Prime Minister Mohammed Shia’ Al Sudani witnessed the ceremony on the margins of the U.S.-Iraq Higher Coordinating Committee meeting – a testament to the strong bilateral partnership between the U.S. Government, the Government of Iraq, and the private sector to advance economic growth and opportunity in the country.

“DFC is committed to helping Iraq unlock its economic potential and empower its private sector by providing meaningful financial support for small businesses,” said DFC CEO Scott Nathan. “Today’s announcement is a significant step forward in these efforts. This investment will increase access to finance for first-time borrowers and women entrepreneurs across Iraq.”

“Access to finance is a key driver of innovation, economic growth, and job creation. USAID’s assistance helps private banks to overcome liquidity challenges and offer affordable commercial loans to small businesses. Through our partnership with NBI and DFC, we’re helping to create a more robust, diversified, and inclusive private sector in Iraq,” said USAID Mission Director to Iraq Elise Jensen.

“The Iraqi Government’s dedication to fostering an environment conducive to growth, and the Prime Minister’s strategic focus on empowering small and medium-sized enterprises, have been pivotal to reaching this significant milestone. We are confident that this collaboration will foster a more inclusive and dynamic economy in Iraq,” said NBI CEO, Ayman Abu Dhaim.

The loan will increase access to financing opportunities for smaller Iraqi businesses (persistently a key barrier for growth) through Iraq’s largest private sector bank. This initiative will prioritize first-time borrowers and allocate funding for women-owned enterprises, bringing more small businesses into Iraq’s formal financial system. During the project preparation, USAID provided advisory services to facilitate the NBI/DFC loan negotiations and expedite closure of the deal. DFC is the lender of record for the loan transaction.

More news

May 26, 2024

Capital Bank named Best Digital Bank in Jordan by Euromoney

The leading financial magazine Euromoney has awarded Capital Bank the Best Digital Bank in Jordan award during the Euromoney Middle East Excellence Awards ceremony for 2024.

May 20, 2024

Moody's Upgrades Capital Bank's Long-Term Rating to Ba3

Moody's credit rating agency announced that it has upgraded Capital Bank's long-term credit rating from B1 to Ba3, less than a week after raising Jordan's long-term sovereign credit rating from B1 to Ba3 for the first time in 21 years.

Capital Bank of Jordan
May 19, 2024

Capital Bank Named "Most Active Issuing Bank" at the 2024 TFP Awards

Capital Bank has received the "Most Active Issuing Bank" Award at the 2024 Trade Facilitation Programme (TFP) Awards, held as part of the 33rd European Bank for Reconstruction and Development (EBRD) Annual Meeting and Business Forum in Yerevan, Armenia.

Quick Links

When you use our services, we or also third parties process certain personal data of yours through cookies and similar technologies (“Cookies “). Some of these are essential for our services to work (Essential Cookies). Performance Cookies are used to measure/optimize the content and performance of our services, and Marketing Cookies help us personalize/market our services and display relevant ads. You can find out more about the Privacy Policy.