Capital Bank General Manager Haytham Kamhiyah signed a memorandum of understanding with Naim al-Khatib, the head of the Jordan Investors Association, which will allow the bank to extend banking services to SMEs that will aid them in expanding their scope of work and accelerating their business activities.
The agreement comes in line with Capital Bank’s policy of expanding its exclusive and well-developed services to SMEs in general and industrial enterprises in particular, making it easier for them to access the financing they need to boost their business capabilities and projects. By virtue of this agreement, the bank will offer members of the association products and financing programs compliant with the nature of their work in the industrial field, including working capital financing for purchases and inventory, assed-based financing, and private and government contracts financing. The Jordan Loan Guarantee Corporation (JLGC) and Overseas Private Investment Corporation (OPIC) will guarantee the loans granted by Capital Bank.
Commenting on the agreement, Kamhiyah stated, “Capital Bank’s strategy covers more than just offering banking services to SMEs. We are looking forward to a long-lasting partnership with the sector in view of the important role it plays in the advancement of the national economy and in alleviating unemployment by creating new job opportunities, in addition to boosting the gross national product by widening and diversifying its products.” He added that Capital Bank will focus on keeping up to date on developments in the business world so that all sectors can benefit from the bank’s services, with an emphasis on the industrial sector. Through the agreement, the bank will provide the most competitive conditions with low interest rates when granting credit to member companies, in accordance with the supportive role of the Central Bank of Jordan.
Al-Khatib also lauded the agreement, which showcases the cooperation of the banking sector, through Capital Bank, and its importance in providing favorable solutions to the industrial sector, a win-win situation for all parties involved. He added that the industrial sector is currently the largest employer in the Kingdom.
Jordan Investors Association is officially registered as a non-profit organization that extends its services to fellow members in all fields related to investments and industry in the southern and eastern parts of Amman (Sahab and Mowakker). One of its most important objectives is the coordination and cooperation between investors and the chambers of industry, which comprise more than 300 industrial companies active in the fields of food, medicine, plastics, engineering, textiles, lumber and furniture, among others.