Industrial Development Bank

The Industrial Development Bank was established as a specialized credit institution, in accordance with a special law that was constituted in 1965. The main objectives of the Bank are financing projects in both the Industrial and touristic sectors. The Bank's paid-up capital amounts to JD 24 million as of year 2002. The idea behind the establishmen... t of an independent bank committed to support and develop the industrial and touristic sectors, was emerged in response to the urgent need represented by developing and supporting these two viable sectors, to assure their sponsorship and upgrading to enable them to confront the challenges of sustainability and competition. Therefore, the government has foreseen the inevitability of establishing an independent bank, entitled to provide various financial services to the said sectors. All required steps to establish the Bank have taken place, with the participation of commercial banks, to ascertain the birth of the Bank; hence, the law of the Bank was issued on July,12, 1965 as a temporary law. Nonetheless, an essential need has aroused upon the necessity to solve some existing gaps, whereupon a new legislation was enacted and released, named by the Law of the Industrial Development Bank No. (5) for year 1972. It was a leading economic and banking legislation throughout the history, because it has built up a successful partnership between the private sector and the public sector. In addition, it presented a great example of an adaptable banking institution, which has accommodated with the subsequent events and developments throughout the time. On one side, the legislation reflects the decisiveness of the public sector in following and claiming their outstanding rights, while on the other side it implies the flexibility and expertise of the private sector in directing its businesses, and taking the proper decisions in the right time. One of the most important objectives, upon which the Industrial Development Bank was established, is to encourage, motivate and expand the ...Read More