Building Economic Sustainability through Tourism Project

Capital Bank Signs MOU with USAID to Support Tourism-Related SMEs

2 May 2017

Capital Bank has signed a Memorandum of Understanding (MoU) with the USAID Building Economic Sustainability through Tourism Project(BEST), to support commercial enterprises and projectsin the tourism sector. The agreement will have a particular impact on projects operating outside Amman, helping to address the challenges faced by small and medium tourism enterprisesin accessing sources of financing.

The MoU was signed betweenCapital BankCEO Ala' Qumsieh, and USAID BEST Chief of Party Ibrahim Osta.

Through the MoU, Capital Bank will enable SMEs to obtain the finances neededfor developing their tourism businesses and projects. SMEs will be able to benefit from current tourism sector financing products provided by the bank as well as the Central Bank of Jordan. Through the agreement,USAID BESTwillprovide technical assistance to tourism businesses taking out these loans, helping them to prepare effective loan applications and enhancing their financial and business management capacities for greater competitiveness and more efficient operations.

Commenting on this partnership, Qumsieh said. “TheMoU will better enabletourism-sector SMEs to take advantage of the outstandingservices provided by CapitalBank, receiving special attention due to their role in achieving economic growth and their ability to employ capital and provide job opportunities.”

Qumsieh noted that Capital Bank works diligently to complement the latest developments in the business world in order to benefit to all sectors of Jordan’s economy. He went on to add that Capital Bank’s SME strategy does not only provide financing, but seeks to help companies advance their businesses and reduce expenses byproviding legal, administrative and technical support services in coordination with specialized partners in the private sector.

USAID BESTis working to improve access to finance for businesses, investors and entrepreneurs operating in the tourism sector.