Adding to its prestigious portfolio of clients in the Middle East, Cedar Rose has signed a strategic agreement with Jordan Loan Guarantee Corp (JLGC). As part of the contract Cedar Rose will provide business intelligence services for the companies JLGC is evaluating to underwrite. Through Cedar Rose’s company credit reports, JLGC will have access to a variety of data including company firmographics, company identification, company structure, management and much more.
Making the announcement, Antoun Massaad, the Co-Founder and CEO of Cedar Rose, said, “We are very excited to expand our presence in Jordan. It is a significant development for us as JLGC is an important national player supporting local SMEs to export internationally and get guarantees to facilitate financing. This agreement demonstrates the trust JLGC has in Cedar Rose to provide qualitative business and credit risk reports/solutions internationally. It will allow JLGC to make smarter decisions with access to reliable business intelligence services.”
With the option to work with Batch files as well as Cedar Rose’s powerful Application Programming Interface (API), the services will be tailored around the needs of JLGC and its existing compliance process. Antoun stated, “JLGC will be able to take advantage of some of the features of our newly enhanced fully automated end-to-end solution for onboarding customers covering the entire journey from Know Your Business (KYB) to compliance checks and credit report.”.
Dr. Mohammed Al Ja’fari; Director General of the Jordan Loan Guarantee Corp, said, “We select a credible partner to advance risk underwriting methodologies of Export Credit Insurance, and we believe that JLGC partnership with Cedar Rose will have an important impact on the level of support provided to Jordanian companies. This agreement will help JLGC to increase capacity in granting credit limits for their buyers and will enable JLGC to assess the credit worthiness of the companies, evaluate any risk associated with the business risk and ensure they support their customers confidently.
It is worth mentioning that Jordan Loan Guarantee Corporation (JLGC) is the national credit guarantee corporation that manages several loan guarantee programs besides managing the export credit insurance scheme in Jordan and being the implementing agency for the Innovative Startup and SMEs Fund (ISSF) that was created by the Central Bank of Jordan and the World Bank.
The company created by the Central Bank of Jordan back in 1994 as a Public shareholding company with the Central Bank holding 45% of the paid up capital of the company and the rest of shares are mainly held by commercial banks operating in the country. It was found to enhance sustainable economic growth in Jordan through improving the credit environment for economically viable Small & Medium Sized enterprises and providing credit insurance to national exporters.
