Association of Banks in Jordan launches initiative worth JD2m to support underprivileged families

AMMAN — Under the patronage of Prime Minister Bisher Khasawneh, the Association of Banks in Jordan on Monday launched an initiative worth JD2 million to support underprivileged families through the Ministry of Social Development.

The project is part of the banks’ social responsibility, and their commitment to supporting social and developmental initiatives in Jordan, according to the Jordan News Agency, Petra.

The banking sector is one of the most important sectors in the Kingdom, Khasawneh said, emphasising the government’s efforts to provide the sector with the potential for sustainability and development. 

Highlighting the banks’ key role during the coronavirus crisis and its repercussions, the prime minister said that the banks provided the necessary financing and liquidity to finance programmes implemented by the government and the state, which helped overcome the crisis with the least losses and damages.

Minister of Social Development Wafa Bani Mustafa commended the initiative for its contribution to the efforts of the ministry, whose mission is centred on humanity, dignity and hope for the beneficiaries of its services.

Governor of the Central Bank of Jordan Adel Sharkas acknowledged the importance of this initiative, notably its recognition of the role of banks as key partners of local institutions in creating initiatives that offer social value.

President of the Association of Banks Bassem Al Salem noted that the financial aid will be transferred to the Ministry of Social Development to assist vulnerable families and disadvantaged groups in Jordanian society, predicting that thousands would benefit from it.

Maher Al Mahrouq, general manager of the Association of Banks,  disclosed that banks' average annual spending on social responsibility amounts to JD30 million, some 6 per cent of their net profits, and added that  JD150 million was spent on social responsibility by banks between 2018 and 2022.