Amman, Jordan, November 21, 2012—IFC,
a member of the World Bank Group has signed an agreement with the Central
Bank of Jordan to support the establishment of a private credit reporting
industry in Jordan, which will eventually help individuals and small businesses
access much-needed finance, boosting the overall economy.
IFC will work with the Central Bank of Jordan to assist in the process
of establishing and regulating the first private credit bureau in Jordan.
IFC will also help implement a campaign to raise awareness among public
and private stakeholders on best practices in credit reporting. In 2008,
IFC provided assistance to the government of Jordan in drafting and adopting
a new credit reporting law to support the regulation of a private credit
CBJ Deputy Governor Dr. Maher Sheikh
Hasan said: “The existence of comprehensive and complete credit information
will help banks, microfinance institutions, and other lenders assess accurately
the creditworthiness of potential borrowers. This minimizes the risk of
nonperforming loans and helps in expanding responsible access to finance.”
Dr. Ahmed Attiga, IFC Country Manager in Jordan, said: “One of IFC’s
strategic goals is to expand access to finance for those who need it most.
Credit bureaus are a crucial building block that enables greater access
to financing for individuals and small businesses.”
Credit bureaus are vital to helping
increase access to finance for individuals and businesses and play an important
role in emerging economies. They give banks and other financial institutions
confidence to expand their lending and to make faster loan decisions by
providing transparent and detailed customer credit information.
The CBJ is independent and autonomous, its objective to maintain monetary
stability in the Kingdom, to ensure the convertibility of the Jordanian
Dinar, and to promote the sustained growth of the Kingdom's economy in
accordance with the general economic policy of the government. For more
information, visit www.cbj.gov.jo
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.