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Emergency program dedicated to mitigating the effects of the Corona pandemic

Program Definition

A program dedicated to finance All bank customers from private enterprises across various economic sectors to enable them to keep their business running and continue their activities at medium and long terms and competitive interest rates, in collaboration with the Central Bank of Jordan and the Arab Fund for Economic and Social Development.

Beneficiaries of the Program

All private companies across various economic sectors who meet the definition of small and medium-sized enterprises according to Central Bank, as below:

  1. Total annual sales or assets shall not exceed 3 million dinars
  2. number of employees shall not exceed 100

In case of overlapping criteria, the number of employees is used as final criterion for classification.

Interest Rate

(6%) without commission

Financing Ceiling

Funding up to (300,000) JOD

Type of Financing

Term and Revolving loans

Financing Currency

Jordanian dinars

Loan Duration

  • Term loans - The loan tenor can be up to 10 years including the grace period.
  •  Revolving loans – The loan is granted for a one-year term, with the renewal of limit subject to the bank’s internal procedures
Guarantees

The bank may request any additional guarantees from the client based on the credit situation assessment

 Purposes of Financing

All sectors and projects are eligible for funding excluding Consumer loans, replacement loans and banned activities under law rules or international conventions and further the projects which have its negative social and economic impact on the community and the environment.

Other requirements

  • The Central Bank of Jordan reserves the right to monitor and evaluate the use of loans granted
  • clients should commit to adopt a transparent and competitive approach to obtaining the goods and services included in the funded projects, taking into account environmental considerations and requirements for preserving cultural heritage, and adhering to public health and safety regulations and requirements in implementing and operating these projects
  • submitting periodic financial reports to the bank reflecting the progress of company’s work, spending, and all which is related to the project