AMMAN —
The
European Investment Bank (EIB) has agreed to grant a long-term financing
loan of 100 million euros out of 300 million euros, to help Jordanian banks to
relend these amounts to local small and medium-sized businesses (SMEs), in
response to the repercussions of the COVID-19 pandemic, Al-Mamlaka TV reported
Wednesday.
اضافة اعلان
The EIB confirmed
in a statement posted on its website that long-term financing for SMEs and
mid-caps to improve access to finance and financial inclusion, which have been
identified as key factors for reinforcing Jordan’s economic resilience. It said
the facility will contribute to economic resilience, employment-generating
activities, and alleviating the economic burden of the
COVID-19 crisis in the
country. The loan is expected to benefit from a portion of the investment grant
made available by the EU in order to enhance the cost of the local currency
tranche to an acceptable level for the borrower and, ultimately, the final
beneficiaries.
The EIB said that it will
require the intermediary institution to take all the requisite measures to
ensure that the procedures, including procurement procedures, are carried out
by the final beneficiaries for the sub-projects receiving the financing.
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