Jordan secures $70m World Bank loan

The Central Bank of Jordan (CBJ) has signed a $70-million loan agreement with the International Bank for Reconstruction and Development (IBRD) to finance for micro, small and medium enterprises at competitive interest rate and through local banks. Under the deal, IBRD will lend the loan to the government and will be re-lent to local banks through which target companies with the receive the funding. The central said the deal stems from its keenness to support micro, small and medium enterprises for their vital role in supporting economic growth, slashing unemployment and fighting poverty. The CBJ said the funding will run through 15 years at an interest rate of 2.5 percent for the fist year.