Capital Bank of Jordan PSC : and the EBRD Sign a Memorandum of Understanding to Support Small and Medium Enterprises

Capital Bank has signed a memorandum of understanding (MoU) with the European Bank for Reconstruction and Development (EBRD) that aims to reinforce its role in supporting small and medium enterprises (SMEs) by providing consultation services to current and potential Capital Bank customers.

The EBRD's Advice for Small Businesses (ASB) = programme will help implementing the SME's support programme which is funded by the European Union (EU).

The MoU was signed on behalf of Capital Bank by Chief Executive Officer Ala Qumsieh, and on behalf of EBRD by its Senior Banker Melis Ekmen Tabojer.

Speaking of the agreement, Qumsieh said, 'The largest and most substantial challenges facing SMEs in Jordan is access to financing, and our partnership with EBRD will significantly contribute to improving their banking potential. We will be able to assist SME's in preparing business plans, carrying out feasibility studies and auditing their accounts in accordance with international best practices, helping them reinforce their operations and sustainability.'

He went on to emphasize the importance of supporting this vital sector by providing direct facilities in view of its strategic role in supporting the national economy. SMEs are critical to the national economy, providing new job opportunities and contributing to the improvement of living standards. Considered among the largest economic sectors in the Kingdom, SMEs are a major contributor to the country's gross domestic product (GDP).

Qumsieh spoke of EBRD's crucial role in serving numerous economic sectors in the Kingdom through its many initiatives with the Kingdom's banking institutions.

On the same occasion, Ekmen Tabojer praised the pivotal role played by Capital Bank in financing economic activities across various sectors, and spoke of the bilateral cooperation between the two institutions in supporting SMEs.

Ekmen Tabojer expressed her pleasure at the signing of the MoU, which aims to deepen the cooperation between EBRD and Capital Bank in supporting the private sector, and SMEs in particular that are an important source of employment.