AMMAN —
UK Export Finance (UKEF), the UK government’s export credit agency, announced
its first deal in Jordan to support Classic Fashion Apparel Industry in
constructing four new garment factories and a corporate office in Aqaba,
according to the Jordan News Agency, Petra.
اضافة اعلان
The £66 million
deal will facilitate the building of four factories, including three satellite
manufacturing units as well as the Aqaba main facility, according to a British
embassy statement on Wednesday.
This will enhance
Jordan’s already strong textile industry.
UKEF has provided
support through a combination of direct lending and a buyer credit guarantee,
allowing Classic Fashion Apparel Industry to move swiftly with their project
and benefit from flexible repayment terms, the statement added.
It noted that the
new planned site in
Aqaba Special Economic Zone is expected to create around
4,000 jobs for Jordanians by 2024. Jobs for the local community are offered at
varying levels, with the potential to grow and the opportunity to enter the
garment manufacturing business. This unique location is near Aqaba port and
gives Classic Fashion Apparel Industry an exporting advantage.
This project will
contribute to boosting manufacturing exports and jobs, in line with the targets
for the sector contained in the recently launched Economic Modernization Vision
2033.
The UK’s support
will extend beyond the funding scheme, as more than 30 percent of the services
and supplies for the project, such as machinery and other building materials,
will come directly from UK providers.
ASGC UK, a leading
British construction company in the region, will project, manage, and oversee
all related elements to ensure quality and timely delivery.
Classic Fashion
Apparel Industry Group is the largest apparel manufacturer in the
MENA region.
It produces around 550,000 garments per day and contributes to over 42 percent
of all garment exports from Jordan.
The company
produced 130 million garments in 2021 and expects production to grow to 165
million garments this year.
UK Minister of State for Asia and the
Middle East Amanda Milling,
who is visiting Jordan as part of a regional visit, welcomed the initiative and
the opening of a new apparel and textiles factory in Aqaba, which will create
thousands of jobs in Jordan.
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