AMMAN — The
Jordan Loan Guarantee Corporation (JLGC) increased its support for the
small and medium enterprise (SME) sector in 2023, guaranteeing roughly 2,391 SME
projects with a collective value of JD312 million.
اضافة اعلان
JLGC gave a detailed breakdown, stating that the organization extended
guarantees to 256 firms last year, pouring JD18 million into the expanding
sector. This strategic approach aims to strengthen the Jordanian economy by
encouraging new ventures, Jordan News Agency, Petra reported.
Despite continuous efforts to alleviate the economic impact of the
COVID-19 epidemic, JLGC continued to provide guarantees to SMEs as part of a national
program organized in partnership with the
Central Bank of Jordan (CBJ).
The program, which has been extended until the end of April 2023, provided 552
enterprises with finance totaling JD109.4 million, providing a strong support
mechanism for businesses dealing with the pandemic's effects.
The firm also reported significant activity in its microenterprise support program,
financing 533 projects with guarantees totaling nearly JD3.6 million. This
effort demonstrates JLGC's commitment to strengthening microenterprises, an
important sector for job development and economic diversity.
JLGC expanded its support by playing an important role in enabling trade and
local sales through its export and local sales credit guarantee program. In
2023, the program encompassed 5,736 shipments with a guaranteed value of
approximately JD187.7 million, which included 2,466 export shipments and 3,270
local sales shipments.
This comprehensive coverage not only helps to continue commercial operations
but also promotes Jordanian products to enter new markets.
Looking ahead to 2024, JLGC predicts increased participation in its export
credit guarantee program, particularly after the Industrial Support and
Development Fund program was launched in the second half of 2023.
Last year, 46 Jordanian industrial exporters were approved for the program,
which provides subsidies of up to JD35,000 per company per year for insurance
expenditures such as guarantee fees and external buyer inquiries.
JLGC reported a 22 percent increase in total revenues for 2023, reaching JD6.8
million from JD5.6 million in 2022. This financial improvement was due to a
rise in both operating and investment revenues, highlighting the corporation's
effective management and strategic efforts.
The corporation's total shareholders' equity increased to JD41.3 million at the
end of 2023, up from JD39.5 million the previous year, while total assets rose
to JD740 million from JD715 million. JLGC's net earnings after tax increased to
JD1.8 million in 2023, from JD1.2 million in 2022, indicating a good fiscal
year.
JLGC's Board of Directors advised against dividend distribution for the fiscal
year 2023, consistent with its aim of strengthening its capital base. The
General Assembly has been called to its thirtieth regular meeting on March 26,
2024, to consider future directions and plans.
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