RF - Cairo Amman Bank (EBRD-52247)

Countries
  • Jordan
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 2, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Cairo Amman Bank
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 17, 2020

Disclosed by Bank Dec 17, 2020


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to bank provided information, this project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

Provison of a senior unsecured loan of up to USD 30 million to Cairo Amman Bank ("CAB"), under the Bank's Resilience Framework (RF). Proceeds of the proposed loan will be on-lent to local private small and medium sized enterprises (SMEs) and corporates, supporting them in bridging the liquidity needs that may arise as a result of the outbreak.

The financing will help CAB provide funding to private sector SMEs and corporates experiencing either a decrease in their activity, turnover and profitability.

 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Cairo Amman Bank ("CAB") is the 5th largest bank in Jordan by assets with market share of 4.8% as at 1H 2020. CAB was established in 1960 and listed on the Amman Stock Exchange. CAB offers a full range of products and services to retail, SME and corporate clients through its 93 branches cross Jordan.

Contact Information

Mrs. Ola Odeh
Ola.Odeh@CAB.Jo 

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request 

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en 

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html