Jordan, German bank sign loan agreementJuly 13, 2014

The Ministry of Water and Irrigation and the German Development Bank (KfW) on Saturday signed a €30 million loan agreement to finance water projects under the water resources management programme.

The third phase of the programme entails improvements to water supply and sanitation, including expansion of al Karak purification station to almost double its capacity to 5,500 million cubic metres cm as well as rehabilitation of farmers in the Northern Jordan Valley and the establishment of agricultural societies for irrigation purposes.

Minister of Water and Irrigation, Hazem Nasser,...

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Standard Chartered to expand banking services in Jordan, says CEOJuly 3, 2014

Standard Chartered bank is mulling expanding its banking services in Jordan, thanks to the success it achieved over the past four years, CEO for Middle East, North Africa and Pakistan (MENAP), Christos Papadopoulos, said.

In a recent interview to the Petra news agency, he added, "Our branch in Jordan was able to achieve the highest growth percentage amongst all of our branches in the region, which makes it one of the biggest contributors"...

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CBJ starts Jordan’s e-FAWATEERcomJune 29, 2014

The Central Bank of Jordan (CBJ) on Saturday officially launched e-FAWATEERcom system to help citizens check and pay their bills electronically via different paying outlets.

The CBJ announced in a statement that the banks which have linked to the system so far are Al Ittihad Bank, Jordan Islamic Bank, Egyptian Arab Land Bank, Jordan Commercial Bank, Arab Bank, Housing Bank, Cairo Amman Bank, Bank of Jordan, Islamic International Arab Bank, Dubai Islamic Bank, Societe Generale de Banque-Jordanie, Arab Banking Corporation, National Bank of Abu Dhabi and Al Ahli Bank.


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‘Win Everyday’ this Ramadan with Xpress MoneyJune 26, 2014

%49-day multi-country consumer incentive program devised specially for the Holy Month of Ramadan%

% Customers can win daily prizes of GBP 160 and a mega prize of GBP 3000 on remittances %

Xpress Money, the world’s most dependable money transfer brand, today announced the launch of `Win Everyday,’ a multi-country incentive"...

Continue Reading > cuts interest rates by 50 basis pointsJune 25, 2014

The Central Bank of Jordan has decided to cut interest rates on key monetary policy instruments effective from June 25, 2014.

According to the bank's decision, the interest rate on overnight Deposit Window Facility will be decreased by 50 basis points to 2.75%, while the interest rate on Weekly/Other Repurchase Agreements will be decreased by 50 basis points to 3.0%.

The Rediscount rate and the Overnight Repurchase Agreements will remain unchanged at 4.25% and 4.0%, respectively, according to a press release issued by the bank.

"This decision was prompted by recent positive...

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IDB approves more than USD 447m for financing new development projectsJune 25, 2014

The 39th meeting of the Board of Executive Directors of the Bank in concurrence with the 39th Annual Meeting of the Board of Governors of the Islamic Development Bank (IDB), approved US$ 447.6 million towards financing several new development projects in a number of member countries as well as three grants under the IDB Waqf fund for educational projects for Muslim communities in Kenya, Lesotho, and Trinidad and Tobago.

The major part of the financing, US$ 304 million, went to the energy sector - US$ 220 million for"...

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World Islamic Economic Forum to Celebrate 10th Anniversary in Dubai with Focus on Innovative PartnershipsJune 24, 2014

Dubai Chamber and the WIEF Foundation have announced that the 10th World Islamic Economic Forum will be organised in Dubai from October 28 to 30, 2014, under the theme, ‘Innovative Partnerships for Economic Growth’ to reflect the emirate’s pursuit to play a key role in shaping the US$ 8 trillion Islamic economy.


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Growth: Stronger Than You ThinkJune 23, 2014

Global economic performance has been weaker than expected; nevertheless, financial markets were relatively unfazed by these developments, as central banks’ policies remain highly accommodative. “After having seen weak growth in the first quarter, we’re staying positive on the economic outlook and expect more solid activity, buoyed by good news”, says Patrice Gautry, Chief Economist at Union Bancaire Privée (UBP). The trend towards risk assets – especially equities – is still there"...

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