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Jordanian Banks Unveil JD90 Million Pledge To Support Health, Education Services
(MENAFN- Jordan News Agency)
Amman, March 16 (Petra) -- The Kingdom's banking industry has committed 90 million dinars to fund health and education projects over the next three years, drawing praise from Prime Minister Jafar Hassan who called the move "an unprecedented model of national social responsibility."
Speaking at a ceremony held Sunday to unveil the initiative, Hassan highlighted how the banking sector has evolved into a cornerstone of Jordan's economic resilience since his majesty King Abdullah II initiated economic reforms in partnership with the private sector in 1999.
"This banking sector that you represent has been a fundamental pillar supporting our national economy's strength, stability and resilience throughout history," Hassan told banking leaders. "During a quarter century, this great development of our Jordanian banking sector has materialized, achieving advanced global ratings particularly in financial strength and banking system solidity."
The Prime Minister emphasized that the initiative reflects the sector's commitment beyond profit-making, noting its "distinguished record in empowering productive projects, supporting youth, cultural and sports initiatives, and not least its role during the coronavirus pandemic."
"The schools and health centers established through your support will stand as testimony to the convergence of national efforts serving citizens and building a prosperous future for our youth through education and proper empowerment," Hassan said.
Basem Al-Salem, Chairman of the Association of Banks, explained that the initiative aligns with the Economic Modernization Vision and responds to royal directives emphasizing health and education development.
Projects will include building schools and health centers throughout Jordan's governorates, with funding tied to completion phases to ensure adherence to implementation timelines.
Al-Salem presented striking figures illustrating the sector's growth trajectory: banking assets have expanded at an annual rate of 17.6 percent since 2000, increasing from 12.9 billion dinars to approximately 70 billion dinars.
Deposits have risen from 8.2 billion to 47.7 billion dinars, while credit facilities have surged from 4.55 billion to 34.8 billion dinars at a 26.6 percent annual growth rate.
Banking services have undergone dramatic transformation through financial technology adoption, with banks expanding digital services via smartphone applications, electronic platforms, and sophisticated e-payment systems. This development has allowed citizens to conduct transactions easily and securely around the clock while enhancing banking operation efficiency and supporting the kingdom's digital economy.
Central Bank Governor Adel Sharkas described the government-banking partnership as "a fundamental pillar for building a more flexible economy capable of adapting to regional and international changes." He projected economic growth to reach 2.7 percent in 2025, accelerating to 3.5 percent in the medium term.
Inflation reached 2.2 percent during the first two months of 2025 and is expected to stabilize at 2 percent for the year, "ensuring stability of purchasing power and competitive capacity of the national economy." Meanwhile, dollarization has decreased to 18.4 percent, indicating enhanced confidence in the Jordanian dinar and banking sector.
Despite regional instability, Jordan has attracted foreign direct investments valued at 1.3 billion dollars during the first three quarters of 2024, while tourism income jumped 22 percent in January 2025 compared to the same period last year. Remittances from Jordanians working abroad increased by 2.8 percent throughout 2024.
Jordanian banks maintain capital adequacy ratios of 18 percent significantly exceeding both the Central Bank's 12 percent minimum requirement and the Basel III Committee's 10.5 percent threshold. Legal liquidity levels approach 145 percent, far above the Central Bank's 100 percent minimum requirement.
"Our national economy has demonstrated exceptional resilience against challenges and high flexibility enabling adaptation and limitation of consequences over the past five years, beginning with the coronavirus pandemic and subsequent consecutive external economic shocks," Sharkas said.
The ceremony was attended by several cabinet members including the Minister of Public Works and Housing, Minister of State for Economic Affairs, Minister of Education and Higher Education, Minister of Investment, along with numerous banking executives and board chairpersons.
Amman, March 16 (Petra) -- The Kingdom's banking industry has committed 90 million dinars to fund health and education projects over the next three years, drawing praise from Prime Minister Jafar Hassan who called the move "an unprecedented model of national social responsibility."
Speaking at a ceremony held Sunday to unveil the initiative, Hassan highlighted how the banking sector has evolved into a cornerstone of Jordan's economic resilience since his majesty King Abdullah II initiated economic reforms in partnership with the private sector in 1999.
"This banking sector that you represent has been a fundamental pillar supporting our national economy's strength, stability and resilience throughout history," Hassan told banking leaders. "During a quarter century, this great development of our Jordanian banking sector has materialized, achieving advanced global ratings particularly in financial strength and banking system solidity."
The Prime Minister emphasized that the initiative reflects the sector's commitment beyond profit-making, noting its "distinguished record in empowering productive projects, supporting youth, cultural and sports initiatives, and not least its role during the coronavirus pandemic."
"The schools and health centers established through your support will stand as testimony to the convergence of national efforts serving citizens and building a prosperous future for our youth through education and proper empowerment," Hassan said.
Basem Al-Salem, Chairman of the Association of Banks, explained that the initiative aligns with the Economic Modernization Vision and responds to royal directives emphasizing health and education development.
Projects will include building schools and health centers throughout Jordan's governorates, with funding tied to completion phases to ensure adherence to implementation timelines.
Al-Salem presented striking figures illustrating the sector's growth trajectory: banking assets have expanded at an annual rate of 17.6 percent since 2000, increasing from 12.9 billion dinars to approximately 70 billion dinars.
Deposits have risen from 8.2 billion to 47.7 billion dinars, while credit facilities have surged from 4.55 billion to 34.8 billion dinars at a 26.6 percent annual growth rate.
Banking services have undergone dramatic transformation through financial technology adoption, with banks expanding digital services via smartphone applications, electronic platforms, and sophisticated e-payment systems. This development has allowed citizens to conduct transactions easily and securely around the clock while enhancing banking operation efficiency and supporting the kingdom's digital economy.
Central Bank Governor Adel Sharkas described the government-banking partnership as "a fundamental pillar for building a more flexible economy capable of adapting to regional and international changes." He projected economic growth to reach 2.7 percent in 2025, accelerating to 3.5 percent in the medium term.
Inflation reached 2.2 percent during the first two months of 2025 and is expected to stabilize at 2 percent for the year, "ensuring stability of purchasing power and competitive capacity of the national economy." Meanwhile, dollarization has decreased to 18.4 percent, indicating enhanced confidence in the Jordanian dinar and banking sector.
Despite regional instability, Jordan has attracted foreign direct investments valued at 1.3 billion dollars during the first three quarters of 2024, while tourism income jumped 22 percent in January 2025 compared to the same period last year. Remittances from Jordanians working abroad increased by 2.8 percent throughout 2024.
Jordanian banks maintain capital adequacy ratios of 18 percent significantly exceeding both the Central Bank's 12 percent minimum requirement and the Basel III Committee's 10.5 percent threshold. Legal liquidity levels approach 145 percent, far above the Central Bank's 100 percent minimum requirement.
"Our national economy has demonstrated exceptional resilience against challenges and high flexibility enabling adaptation and limitation of consequences over the past five years, beginning with the coronavirus pandemic and subsequent consecutive external economic shocks," Sharkas said.
The ceremony was attended by several cabinet members including the Minister of Public Works and Housing, Minister of State for Economic Affairs, Minister of Education and Higher Education, Minister of Investment, along with numerous banking executives and board chairpersons.
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