JLGC participation in “Small & Medium Enterprises: The Road to Economic Growth "Forum

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27/08/2015

Jordan Loan Guarantee Corp. (JLGC) participated in “Small & Medium Enterprises: The Road to Economic Growth” Forum on the 26th - 27th August, 2015. The forum was organized by the Union of Arab Banks and under the auspices of the Governor of the Central Bank of Jordan H.E.Dr. Ziad Fariz in cooperation with the Association of Banks in Jordan.

The critical role of SMEs and microenterprises in supporting economic and social development was highlighted in the forum besides the strategies and mechanisms for developing SMEs and the importance of financial inclusion to motivate Corporate Social Responsibility (CSR) and activate the role of banking sector and international financial institutions in supporting the development of these projects to open up a wide range of individual initiatives and self-employment, thus easing pressure on the public sector and serve better the Arab world economics.

Dr. Mohammed Al Ja'fari in his speech on a session about “Financial Inclusion: a platform to support small and microenterprises”, said that financial inclusion generally increases and raises the level of economic activity for individuals, it also improves their incomes and economic opportunities by enabling all society segments particularly the poorest and the most excluded from traditional banking to participate in the economic cycle. He also indicated that the main reason behind the low level of financial inclusion in the Arab region is the high cost of financial products and services according to JLGC’s surveys.  The banks justified this in light of the nature of the services and products and the cost of management and high risks in the absence of the credit information and its accuracy. 

JLGC participated in the tow days forum, it was attended by Mr. Mohannad Al Rashdan; Assistant Director General for Technical and Operational affairs, Mrs. Rana Tahboub; Advisor Risk Management , Mrs. Amal Jaradat; Manager of Industrial Finance Dept., Mrs. Diana Al Jariri , Credit Officer at Industrial Finance Dept.