USAID and Association of Banks in Jordan sign Memorandum of Understanding

The MoU comes as the USAID-funded SABEQ Program increases its support to ABJ through a variety of capacity building workshops and technical assistance sessions.

The USAID-funded SABEQ Program and ABJ have provided joint workshops and capacity building sessions to nearly all of Jordan's 23 licensed banks over the course of the past year. Each workshop was custom designed to provide practical methods and applications when integrating ICT into banking systems, complying with and informing customers of newly passed Anti-Money Laundering laws, managing problem loans and overseeing risk management.

Further collaboration between the parties includes support provided by USAID to upgrade ABJ's website to become an enhanced tool for information dissemination, assist ABJ to conduct regular market research, and developing high-quality, cutting-edge training for ABJ to deliver to its licensed bank members on a continuous basis.

'A sound financial system is critical to economic development,' stated USAID representative, Steve Gonyea. 'It provides resources needed to fund productive private sector investments while, at the same time, provides individuals and families with safe, convenient mechanisms to manage their savings.'

ABJ Director General, Adli Kandah emphasized the positive nature of the formalized collaboration by noting, 'The need to consistently upgrade our systems and services enhances our capacity to perform, not only as an association representing our members, but also as an important factor in increasing Jordan's competitiveness on the global arena.'

USAID/SABEQ is a five year broad economic development initiative implemented by BearingPoint, Inc. and a sizeable team of international and Jordanian partner firms. By both supporting improvements in the business environment and providing assistance to expand innovation and productivity in Jordanian businesses, it supports the main objective of building up the private sector as a powerful engine of economic growth.