BANK AL ETIHAD NASIRA PORTFOLIO (FMO-58709)

Countries
  • Jordan
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
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.
Borrower
Bank Al Etihad
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)
$ 17.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 17.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Oct 29, 2020

Disclosed by Bank Oct 13, 2020


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

Project Description

According to bank provided information, the project objective is to support Bank Al Etihad with an up to USD 30mln JOD equivalent NASIRA Risk Sharing Facility combined with a NASIRA Capacity Development package earmarked for COVID-19 affected entrepreneurs and focusing on female entrepreneurs.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

Bank Al Etihad was founded in 1978 under the name Union Bank, mostly focusing on the Corporate segment. With the support of McKinsey, it changed the name to Bank Al Etihad in 2011 and rebranded itself as a bank expanding its offering with new innovative services to tap into the Jordan’s growing retail and SME markets. Bank Al Etihad (“BAE” or “the Bank”) is now an established name in the Jordanian banking sector, being the 4th largest bank with 24 branches and a total asset size of USD 6.7bln. BAE has a strong focus on reducing inequalities which is demonstrated by its active membership of the Global Banking Alliance and the launch of its comprehensive program to empower female entrepreneurs. Besides the Bank, it owns a brokerage, leasing and Islamic banking company enabling it to offer a full range of services to its clients.

Contact Information

*Contact information not provided at the time of disclosure*

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism