Cairo Amman Bank launches exclusive student loan

The student loan aims at financing tuition fees for undergraduate and postgraduate students in Jordanian public and private universities. Qualified students should have successfully completed at least two academic years with an average rating not less than "good".

The loan offers students a grace period during their university education that extends to the end of the first six months after graduation. during the grace period, students will only pay the monthly interest on the loan.

Khaled Masri, Chairman of Cairo Amman Bank; board of directors, said:

"This loan is one of the Bank's most integral initiatives that are developed in line with our customer focused strategy. Our valuable partnership with Omnix International and the IFC in launching this innovative program is an essential step towards sustaining the achievement of our comprehensive goals of satisfying our customers' needs creatively."

Mr. Masri also added, "We believe that each and every student has the right to an education without facing financial obstacles that prevent them from receiving the education that allows them to start their careers efficiently enough to enhance the Kingdom's commerce and improve the standard of living."

Guy Ellena, IFC Director for Health and Education, said:

"The project fits well within IFC's strategy of supporting student loan programs as a means to promote greater participation in higher education for people of all income groups and to introduce innovative means of financing and delivering services."

Michael G. Essex, IFC Director for the Middle East and North Africa, said:

"In addition to sharing risk, IFC played a key role in structuring the facility, assessing the market, and bringing the parties together. By demonstrating the commercial viability of student lending, the project may encourage other financial institutions to enter the sector."

The idea for this loan came as a result of the collaborative efforts made by Cairo Amman Bank and the IFC, a member of The World Bank that represents the private sector, located in Washington.

The goal of the IFC is to encourage investment in the private sector, and also to decrease poverty levels and raise standards of living, in addition to financing investments of the private sector in growing countries and enhancing capital in global markets and to improve the social and environmental continuity as well as to provide help and technical advice for governments and businesses.

On the other side, Omnix International founded in 1987, is a leading provider of Enterprise software, networking, and security solutions in the Middle East.

In addition, Cairo Amman Bank is expanding its branches network with 77 branches in different areas of the Kingdom as well as Palestine. The Bank pays special attention to university students and faculty as shown by its branches in most state and private universities. This is to the bank to ensure provides financial and banking services to the greatest number of university students easily and efficiently.