Amman, October 16, 2006 — The International
Finance Corporation, the private sector arm of the World Bank Group, today
announced that Capital Bank has become the first bank in Jordan to join
its Global Trade Finance Program. Capital Bank, formerly Export and Finance
Bank, is one of the leading private commercial banks in Jordan.
The Global Trade Finance Program supports trade with emerging markets worldwide
and promotes the flow of goods and services between developing countries.
Under the program, IFC provides partial or full guarantees against
underlying trade instruments and covers the payment risk of participating
issuing banks. The GTFP allows issuing banks, such as Capital Bank,
to increase the volume and value of trade transactions, with enhanced tenors
and access to competitive pricing terms.
Mark Rozanski, IFC trade finance officer, said, “We are very pleased to
welcome Capital Bank to the GTFP network and to initiate IFC trade finance
risk coverage in Jordan. The GTFP facility will help Capital Bank
scale up its trade finance business and enhance its ability to provide
efficient trade solutions for corporate clients.”
Michael Essex, IFC’s director for the Middle East and North Africa, said,
“The Global Trade Finance Program supports export-oriented companies,
a key objective of IFC in Jordan, and paves the way for countries like
Jordan to increase their share of global trade.”
Haytham Kamiyah, Capital Bank’s general manager, said, “We are delighted
to extend our relationship with IFC through the Global Trade Finance Program.
Capital Bank will expand its network of correspondent banks and create
new and valuable business opportunities for our clients in Jordan and the
About Capital Bank
Capital Bank, formerly Export and Finance
Bank, was established in August 1995. Until recently it has operated
as a niche bank specializing in trade finance, providing direct and indirect
credit facilities to the export sector and manufacturers, and trade in
marketable securities as one of the leading brokerages on the Amman Stock
Exchange (ASE). Over time, Capital Bank has extended its profile
and now offers a comprehensive range of banking and financial services,
including trade finance, corporate and project finance, retail lending,
asset management and investment banking services. As of December
31, 2005, Capital Bank’s total asset base was $985 million equivalent
and total shareholder’s equity was $192 million equivalent.
The International Finance Corporation, the private sector arm of the
World Bank Group, is the largest multilateral provider of financing for
private enterprise in developing countries. IFC finances private sector
investments, mobilizes capital in international financial markets, facilitates
trade, helps clients improve social and environmental sustainability, and
provides technical assistance and advice to businesses and governments.
From its founding in 1956 through FY06, IFC has committed more than $56
billion of its own funds for private sector investments in the developing
world and mobilized an additional $25 billion in syndications for 3,531
companies in 140 developing countries. With the support of funding from
donors, it has also provided more than $1 billion in technical assistance
and advisory services. For more information, visit www.ifc.org/gtfp.