Jordan Kuwait Bank and Arab Trade Financing Program sign USD 6 million line of credit agreement in Dubai

The agreement was signed by H.E. Mr. Abdel Karim Kabariti, chairman and chief executive officer of the Jordan Kuwait Bank, a KIPCO Group company, and H.E. Dr. Jassim Al Mannai, chief executive and chairman of the board of the Abu Dhabi-based ATFP.

The US$6 million line of credit will be used to finance Jordan's foreign trade. It will also bring the number of lines of credit provided by ATFP to national agencies of Jordan to 32, with utilised volume reaching US$302 million.

In a statement made at the signing ceremony, H.E. Mr. Abdel Karim Kabariti commended ATFP in providing financing facilities and other trade-related services, in developing and promoting Arab trade, and in enhancing the competitiveness of Arab exporters to support Arab economies in the effort towards Arab economic integration.

H.E. Mr. Jassim Al Mannai underlined the importance of the role played by national agencies in Jordan in expanding the utilisation of credit facilities provided by ATFP at convenient terms. He cited the importance of these facilities, together with trade information and promotion services, indicating that ATFP activities are in line with the objectives of realising the Arab Free Trade Area. He also called on national agencies to maximise their utilisation of the ATFP's facilities and services to help accelerate the development and construction process of Arab countries.