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IFC and Jordan’s Cairo Amman Bank Partner to Expand Trade in Jordan


In Amman:
Ahmed Ali Attiga
Phone: 962-6-568-5060
E-mail: AAttiga@ifc.org

In Cairo:
Riham Mustafa
Phone: +202 24 619 140
Fax: +202 24 619 145
E-mail: RMustafa@ifc.org

Amman, Jordan, June 21, 2010 – IFC, a member of the World Bank Group, today announced that Jordan’s Cairo Amman Bank has joined the IFC Global Trade Finance Program as an issuing bank to help expand its trade finance support for Jordanian businesses.

Cairo Amman Bank is the fourth bank to join IFC’s Global Trade Finance Program in Jordan after Capital Bank, Union Bank, and Bank of Jordan, and will use the funds to help more Jordanian businesses import consumer goods, raw materials, capital equipment, and agricultural products.

Rana Sunna, Cairo Amman Bank’s Deputy General Manager for Banking Services, said, “IFC’s Global Trade Finance Program will complement our efforts to expand our relationship with correspondent banks worldwide and allow us to continue supporting the growth of trade business for our branches in Jordan and West Bank.”

Ahmed Attiga, IFC Principal Country Officer for Jordan, said, “Working with Cairo Amman Bank is in line with IFC's strategy in Jordan to expand access to finance to the corporate sector with a special focus on small and medium sized enterprises."


IFC’s Global Trade Finance Program supports trade with emerging markets and promotes the flow of goods and services between developing countries.

IFC provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks, allowing them to expand their trade finance transactions within a large network of countries and banks to enhance their trade finance coverage.

IFC has been active supporter of Jordan’s financial sector, providing trade finance lines to a number of banks and investment and advisory services. IFC has provided trade guarantees worth almost $87 million to Jordanian banks since the program’s inception in fiscal year 2007, supporting trade in numerous sectors like iron and steel, fertilizer, and agricultural and food products.

About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org.


About Cairo Amman Bank
Cairo Amman Bank was established on January 14, 1960 as a Jordanian public shareholding company and began its banking services on July 1, 1960. CAB's first branch was launched in Palestine in 1961.

CAB offers a wide range of banking, commercial, investment and individual services. Throughout the years, the bank conducted a number of pioneering projects such as funding and giving loans to the less fortunate, providing personal loans through transferring salaries in addition to investment services, credit cards and rapid money transfers-Western Union. All CAB's strategies and plans are created and prepared with one goal in mind: Empowering the Jordanian economy and improving the lives of citizens