JLGC & Cairo Amman Bank signed Renewable Energy Guarantee Agreement

JLGC & Cairo Amman Bank signed Renewable Energy Guarantee Agreement

Jordan Loan Guarantee Corporation & Cairo Amman Bank signed on 17/11/2016 an agreement to “Guarantee the Risks of Financing the Renewal Energy Project” at the bank premises.

This is the first agreement for Jordan Corporation to have it signed with the banks operating in the Kingdom within the program for the guarantee of financing granted for renewal energy and the rationalization of alternative energy consumption.

The agreement was signed by the Director General of Jordan Loan Guarantee Corporation Dr. Mohammed Al Jafari and the General Manager of Cairo Amman Bank Mr. Kamal Al-Bakri.

On his part, Dr. Mohammed Al Jafari made it clear that the guarantee agreement with Cairo Amman Bank aims at covering the risk of default for renewal energy loans which are being granted by the bank to the targeted customers spectrum of individuals and the spectrum of companies and small, medium and big businesses which are registered inside the Kingdom, at a certain guarantee rate of the loan’s value provided that funding to be settled as per equal monthly instalments without any interests or commissions.

Dr. Al Jafari pointed out that the program for the guarantee of funding which are granted to the renewal energy is a more deserving priority to Jordan Loan Guarantee Corporation, as this sector has a national persisting importance as a result of the aggravation  of the burdens from energy bills both on the customer and the country, so we had to go to alternative and renewable energy resources and have the bank’s funding for this sector supported under the guarantee of Jordan Loan Guarantee Corporation.

Mr. Kamal Al-Bakri stated that Cairo Amman Bank has given the funding of the Renewable Energy great attention for being necessary to support the Jordanian Economy and the citizen, and Cairo Amman Bank is locally considered one of the leading banks in this aspect.

Mr. Al-Bakri pointed out that Cairo Amman Bank always seeks to achieve a true partnership with the public sector in all aspects especially in the field of the renewable energy to enable all sectors of production and consumption to rely on, and encourage adopting this approach in the use of the renewable energy for its great impact on the reduction of the higher operational and consumption cost in Jordan and the opening of new investment prospects to be added to Jordan Gross National Income.