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Amman, Jordan, November 21, 2012
—IFC, a member of the World Bank Group has signed an agreement with the Central Bank of Jordan to support the establishment of a private credit reporting industry in Jordan, which will eventually help individuals and small businesses access much-needed finance, boosting the overall economy.
IFC will work with the Central Bank of Jordan to assist in the process of establishing and regulating the first private credit bureau in Jordan. IFC will also help implement a campaign to raise awareness among public and private stakeholders on best practices in credit reporting. In 2008, IFC provided assistance to the government of Jordan in drafting and adopting a new credit reporting law to support the regulation of a private credit reporting industry.
CBJ Deputy Governor Dr. Maher Sheikh Hasan said: “The existence of comprehensive and complete credit information will help banks, microfinance institutions, and other lenders assess accurately the creditworthiness of potential borrowers. This minimizes the risk of nonperforming loans and helps in expanding responsible access to finance.”
Dr. Ahmed Attiga, IFC Country Manager in Jordan, said: “One of IFC’s strategic goals is to expand access to finance for those who need it most. Credit bureaus are a crucial building block that enables greater access to financing for individuals and small businesses.”
Credit bureaus are vital to helping increase access to finance for individuals and businesses and play an important role in emerging economies. They give banks and other financial institutions confidence to expand their lending and to make faster loan decisions by providing transparent and detailed customer credit information.
About CBJ
The CBJ is independent and autonomous, its objective to maintain monetary stability in the Kingdom, to ensure the convertibility of the Jordanian Dinar, and to promote the sustained growth of the Kingdom's economy in accordance with the general economic policy of the government. For more information, visit
www.cbj.gov.jo
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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