Jordan Mortgage Refinance Company signed an agreement which grants Cairo Amman Bank JD (10) million for (3) years to refinance housing loans Granted by the Bank to its customers.
The agreement was signed by Mr. Abed Al Razzak Tubaishat, General Manager of the Jordan Mortgage Refinance Company and by Mr. Kamal Al-Bakri General Manager of Cairo Amman Bank.
Mr. Tubaishat, stated that this agreement aligns with JRMC's objective to develop and improve the housing finance market in the kingdom by enabling banks and financial institutions to increase their participation in the housing loans lending - especially for low and middle income earners - in order to assist them in becoming home owners.
JMRC provides the necessary funds for its lending activities through issuing corporate bonds in the local capital market and thus contribute to increase investment instruments in the capital market
Mr. Al-Bakri also stated that this agreement aims to increase the bank's contribution to the Jordanian housing finance market and strengthen its role within that sector, This shall be achieved by granting housing loans to citizens at competitive interest rates, It also improve its assets and liabilities management, through better matching of sources and uses of the bank funds.
He also emphasized that this agreement enables the Bank to grant housing loans to citizens at suitable interest rates commensurate with their ability to repay.