Amman: The Arab Fund for Economic and Social Development (AFESD) has extended a USD 25 million loan to Capital Bank of Jordan. This financial support is aimed at enhancing the bank's capital base and facilitating its initiatives to fund small and medium-sized environmentally friendly projects.
According to Kuwait News Agency, AFESD's Director-General and Board Chairman, Fawzi Al-Hunaif, emphasized the fund's commitment to diversifying its financial offerings and supporting private sector development within member states. Al-Hunaif highlighted the importance of the partnership with Capital Bank of Jordan and other financial institutions in promoting climate transition and supporting small and medium-sized enterprises, which are crucial for economic growth and job creation.
Tamer Ghazaleh, CEO of Capital Bank of Jordan, expressed that the agreement underscores the bank's capability to achieve sustainable growth. He noted the bank's dedication to providing innovative financial solutions that foster the development of a green economy and empower small and medium-sized enterprises to achieve sustainable success.
The Arab Fund for Economic and Social Development, headquartered in Kuwait, was founded in 1968. It serves as a regional financial institution dedicated to supporting economic and social development in Arab countries.