Original disclosure @ IFC website
Updated in EWS Sep 13, 2022
Disclosed by Bank Sep 8, 2022
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According to bank provided information, the proposed investment is for IFC to subscribe to up to US$ 50 Million in the first green bond to be issued by Jordan Kuwait Bank (the “Bank” or” JKB”) in Jordan covering the full issuance and up to US$ 40 Million GTFP trade line for up to one year (the “Project”). The investment will include an up to US$ 36 million investment from IFC’s own account and up to US$14 million co-investment through IFC Blended Finance participation by Canada-IFC Blended Climate Finance Program (BCFP) and MENA Private Sector Development (PSD) facilities as described in the Blended Finance Section. The bond proceeds will be used by the Bank to finance eligible green projects and assets in Jordan.
IFC targets to provide advisory support to the Bank in the following areas: (i) internal capacity development to help the Bank configure its processes, procedures and systems to be ready to support the implementation requirements of the green bond framework; (ii) green pipeline and product development to help the Bank increase its pool of eligible green assets; and (iii) market outreach and green branding. Furthermore, IFC’s Advisory Services (AS) will support JKB to develop green asset tracking and reporting framework which the JKB will be responsible for implementing and adhering to internationally recognized standards of annual reporting and disclosure required under the ICMA Green Bond Principles.
The Project includes two investments: (i) US$ 50 Million subscription in a green bond the Bank is planning to issue; and (ii) US$ 40 Million GTFP trade line with tenors up to one year. The green bond will be privately issued by JKB and will have a proposed tenor of five year.
JKB is one of the leading private sector banks in Jordan. Established in 1976, the Bank operates a domestic network of 64 branches distributed throughout Jordan and one branch in Cyprus. JKB is a public shareholding company listed on Amman Stock Exchange and governed by a board of directors. The Bank is majority-owned by Al-Rawabi United Holding Company, a wholly owned subsidiary of Kuwait Projects Holding Company (“KIPCO”). KIPCO is Kuwaiti holding group with diversified investments in more than 60 companies across 24 countries. KIPCO was established in 1975 by Al Futtooh Holding Company, which is wholly owned by members of the Kuwaiti royal family. Other shareholders in JKB include Jordan’s Social Security Corporation and Odyssey Reinsurance.
Jordan Kuwait Bank
Mr. Haethum Buttikhi
Amman - Al-Abdali- 62 Omaia Bin Abd Shams St.
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