The Housing Bank declared the signing of a cooperative agreement with the Saudi Development Fund "Saudi Export Program". The Agreement was signed at the Banks's headquarters by Micheal Marto, chairman and Mr. Ahamd Bin Mohammed Al-Ghannam, Director General of the Saudi Export Program and attended by representatives of both parties.
The Saudi Development Fund/Saudi Export Program is a special program for financing imports from the Kingdom of Saudi Arabia, including consumables, foodstuffs, industrial raw materials, engineering spare parts, capital commodities or any other agreed commodities or services, provided that local VAT is not less than 25%.
The concept is to encourage traders in Jordan to import and purchase commodities and services from KSA, so as imports are funded as per as specific arrangements and conditions.
On this occasion, Marto was pleased to sign this agreement, and expressed the hope that the program makes a success as having advantages serve the commercial, industrial and service sectors in the two countries.
Al-Ghannam explained that this agreement comes within the distinctive and sophisticated commercial relationships between KSA and Jordan, and falls within the ongoing efforts of the Fund to stimulate bilateral trade between brotherly and friendly countries, praising the reputation characterized by the Housing Bank in the banking market.
It should be noted that the Housing Bank offers comprehensive commercial banking services, of a capital of (252) million JD, while shareholders' equity is more than 1 billion JD. The Bank has distinct presence at local, regional and international levels, as it is at the center of a number of performance indicators recognized in the local banking market.