Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Bank al Etihad is a Jordanian banking and financial institution. Founded in 1978 under the name Union Bank, its focus was mainly on the corporate segment. The bank changed its name to Bank Al Etihad in 2011 and rebranded itself, while expanding its offering with new innovative services to tap into the Jordan’s growing retail and SME markets. The bank believes that empowering its community can only be achieved by investing in digital transformation. Through this, clients can access products and services and control their money wherever they are and at any time. As a result of its efforts, it has been chosen as the "Best Digital Bank" in Jordan, and the "Most Innovative Digital Bank" in Jordan and the Middle East, by New York International Magazine "Global Finance" in 2020. Bank al Etihad also has a strong focus on reducing inequalities which is demonstrated by its active membership of the Global Banking Alliance and the launch of its comprehensive program to empower female entrepreneurs. Interesting to add is that, given that the bank has more than 45% women working in the bank with female- friendly working conditions, our transaction has been recognized as a ‘2X investment’ by the 2X Challenge FMO is member of. Bank al Etihad was able to achieve growth and become the third largest bank in Jordan by assets. It offers a growing network of 53 branches and 125 ATMs that are spread across Jordan. The bank also owns a central exchange unit, a financial brokerage company (Al-Etihad Brokerage), and a financial leasing company (Al-Etihad Financial Leasing). It is a member and a strategic partner of the Board of Directors of the National Bank in Palestine. It also owns 36% of the shares in Safwa Islamic Bank.

What is our funding objective?

To support Bank Al Etihad with an up to USD 30mln JOD equivalent NASIRA Risk Sharing Facility combined with a NASIRA Capacity Development package earmarked for COVID-19 affected entrepreneurs and focusing on female entrepreneurs.

Why do we fund this investment?

The NASIRA Program supports the Bank in accelerating and continuing its drive towards serving MSMEs, particularly those owned by the underserved female entrepreneurs.

What is the Environmental and Social categorization rationale?

The bank is categorized as an E&S B-risk. FMO will support BAE with an E&S Action plan to develop and implement an Environmental and Social Management System. This will enable the bank to better assess its loan portfolio against E&S risk and track its IFC Performance Standards Triggered transactions.

More investments

Date Total FMO financing
4/23/2021 JOD 0.28 MLN
Financial Institutions
Publication date
Effective date
Total FMO financing
JOD 19.92 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)