Press Releases

IFC’s Global Trade Finance Program Expands Its Reach to Jordan

In Washington, DC:
Rita Jupe
Phone: + 1 (202) 458-8967

In Cairo:
Egidio Germanetti & Riham Mustafa
Communications Team
Phone: 0020 2 461 9150 Ext. 314/316

In Amman:
Nesreen Abu-Suleiman
Phone: 00962 6 5678050 ext 249

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 region.”

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.

About IFC

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