European Investment Bank, Jordan Kuwait Bank join forces to support SMEs

AMMAN — The European Investment Bank (EIB) has decided to further support the Jordanian economy with a 100-million-euro ($119 million) line of credit to  Jordan Kuwait Bank (JKB) to be on-lent primarily to local small and medium-sized enterprises (SMEs) that have been severely impacted by the economic consequences of the COVID-19 outbreak, according to a statement posted on the JKB website.

The operation is a part of Team Europe’s overall response to the Covid-19 crisis, which aims to support the region’s sustainable social and economic recovery, the statement said.

It also falls under the EU-EIB Economic Resilience Initiative (ERI), which amongst its primary objectives, intends to promote private sector development through the support to SMEs as key players for generating economic growth and employment opportunities in Jordan, according to the statement.