Jordan's ranks 4th globally in Getting Credit score
Date
11/13/2019 4:37:30 PM
(MENAFN- Jordan News Agency) Amman, Nov. 13 (Petra) -- Jordan's is now ranked fourth on the World Bank's (WB) "Getting Growth" indicator, according to the WB Doing Business Report 2020, indicating a major improvement from the 134th rank in last year's edition of the report.
The Central bank of Jordan (CBJ) attributed this jump in the "Getting Credit" score to an overall improvement in all sub-indicators, including the "Strength of legal Rights Index", which measures the degree to which collateral and bankruptcy laws protect the rights of lenders and borrowers alike, which in turn facilitate the lending process.
This improvement is also due to the promulgation of the Law on the Guarantee of Rights with Movable Assets No. 20 of 2018 and the Insolvency Law No. 21 of 2018 among other legislation.
In a press release, the CBJ said the report is one of the leading sources of knowledge provided by the World Bank Group, which motivates governments around the world to undertake numerous business reforms to promote sustainable economic growth.
The Kingdom has also seen its ranking improve on the Depth of Credit Information Index, which measures rules and practices affecting the extent and coverage of credit information, its availability, and the quality of credit information available through a public registry or private credit information center. The Kingdom's ranking in this index has improved and it scored 8 out of 8 compared to 7 in the previous report, after credit information company "CRIF Jordan" started to provide credit rating service for banks and other entities.
Jordan's ranking has also improved in the Credit Registry Coverage Index, which measures the number of individuals and companies registered in public credit information registers containing information on borrowing history in the past five years. The index rose to 5 percent from 4.8 percent in the previous report.
The Credit Bureau Coverage/ Company Index, which measures the number of individuals and companies registered in a private credit bureau with information on borrowing history in the past five years, also rose. The credit coverage with CRIF Jordan increased to 22.9 percent compared with 19.9 percent in the previous report.
The World Bank has recently announced that Jordan, for the first time since the issuance of Doing Business reports, has joined the list of the top three countries that have improved the business climate, after the Kingdom ranked 75th globally among 190 countries.
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13/11/2019 18:32:22
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