Banking in Jordan : financing corporates and SME in a Covid-19 era : evidence from EIB bank lending Survey.
Date: 2022-03-18
Institutions: European Investment Bank
Subjects: EIB loan, Jordan, banking, coronavirus disease, corporate finance, economic survey, environmental risk prevention, small and medium-sized enterprises

BANKING IN JORDAN
Financing corporates and SMEs  
in the era of COVID-19 
Evidence from the EIB Bank Lending Survey

BANKING IN JORDAN
Financing corporates and SMEs  
in the era of COVID-19 
Evidence from the EIB Bank Lending Survey

March 2022

Banking in Jordan 
Financing corporates and SMEs in the era of COVID-19 
Evidence from the EIB Bank Lending Survey 

The report was finalized in January 2022 

© European Investment Bank, 2022.
This is a publication of the EIB Economics Department.
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All questions on rights and licensing should be addressed to publications@eib.org.

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About the Economics Department
The mission of the Economics Department is to provide economic analyses and studies to support the Bank in its operations 
and in defining its strategy and policy. The department, a team of 40 economists, is led by Director Debora Revoltella.

Disclaimer
The views expressed in this publication are those of the authors and do not necessarily reflect the position of the European 
Investment Bank.

Published by the European Investment Bank.
Printed on FSC® Paper.

pdf:

QH-01-22-143-EN-N ISBN 978-92-861-5224-5 doi:10.2867/788887

Contents 

Foreword .............................................................................................................................. 3 

Banking in Jordan ............................................................................................................... 4 

Executive summary............................................................................................................ 4 

Macroeconomic overview ................................................................................................... 6 

The banking sector in Jordan ............................................................................................. 8 

Banking in Jordan: evidence from the EIB Bank Lending Survey ..................................12 

COVID-19 impact ..............................................................................................................12 

Funding .............................................................................................................................14 

Corporate lending .............................................................................................................17 

Evolution of credit demand from corporates ..................................................................17 

Evolution of credit supply to corporates .........................................................................17 

Structure and maturity of corporate credit portfolio ........................................................18 

Portfolio quality ..............................................................................................................19 

SME lending .....................................................................................................................19 

Evolution of credit demand from SMEs ..........................................................................19 

Evolution of credit supply to SMEs ................................................................................20 

Structure and maturity of SME credit portfolio ...............................................................21 

Portfolio quality ..............................................................................................................22 

Climate risk .......................................................................................................................22 

Concluding remarks ...........................................................................................................24 

References ..........................................................................................................................25 

EIB Bank Lending Survey - Jordan   1 

 
 
 
 
 
 
Foreword 

The EIB Bank Lending Survey (BLS) in Jordan was carried out by the EIB, with support from 
the Central Bank of Jordan, to deepen our understanding of market conditions, particularly in 
the  context  of  the  COVID-19  crisis.  The  BLS  covers  cyclical  developments  and  structural 
aspects of lending to corporates and small and medium-sized enterprises (SMEs) in Jordan. It 
complements commonly available banking sector data by disentangling the credit supply and 
demand factors that are driving banking sector dynamics. The survey also gives insights on 
the short- and long-term effects of the COVID-19 pandemic, and elucidates climate risk and 
the  digital  transformation  of  the  banking  sector,  in  terms  of  internal  processes  and  client 
outreach. The CBJ’s support has been essential in ensuring the success of the survey and is 
gratefully acknowledged. 

Using newly collected data from the BLS, this publication examines opportunities for Jordanian 
financial  institutions  to  support  the  private  sector  and  investigates  the  actions  taken  by 
surveyed banks during the pandemic. Continued access to finance has helped firms to stay 
afloat during the COVID-19 crisis period, while the financial sector’s transformation has been 
accelerated, driven by the digitalisation of various aspects of banking activities. 

The  report 
is  structured  as  follows.  The  first  section  summarises  macroeconomic 
developments  in  Jordan. The  second  section then  overviews  the Jordanian  banking  sector, 
analysing  regulatory  data  provided  by  the  Central  Bank  of  Jordan.  Finally,  the  third  section 
describes and analyses  the novel BLS data collected by the EIB during spring 2021, providing 
a closer look at the banking sector in terms of SME and corporate lending and in relation to 
the impacts of Covid-19 as well as climate change. 

We hope you will find this report useful and that the analysis it contains can inform sound and 
effective investment decisions. 

Debora Revoltella 
Director, Economics Department 
European Investment Bank 

EIB Bank Lending Survey - Jordan   3 

 
 
 
 
 
 
 
 
Banking in Jordan 

Financing corporates and SMEs in the era of COVID-19 

Evidence from the EIB Bank Lending Survey 

Executive summary 

•  The Jordanian economy has been hit significantly by the effects of the COVID-
19  pandemic,  particularly  on  the  tourism  sector.  Yet  Jordan  has  suffered  less  than 
other Middle East countries, which were also affected by country-specific events and/or 
domestic economic and political crises. 

•  The performance of the banking sector has remained solid and a credit crunch 
was  avoided.  These  outcomes  are  attributable  to  a  combination  of  policy  support 
(including liquidity injections, loan rescheduling and additional guarantees for SMEs) 
and  robust  credit  demand  from  firms,  which  resulted  in  steady  credit  growth  and 
resilient banking sector profitability. A significant deterioration of credit quality has been 
avoided, with the non-performing loan (NPL) ratio of the Jordanian banking sector not 
surpassing 5.5%. 

•  To deepen our understanding of the Jordanian banking sector, the EIB carried 
out the Bank Lending Survey (BLS). The survey elucidates credit supply and demand 
dynamics,  taking  into  consideration  the  impact  of  COVID-19  and  the  challenges 
generated by climate risk and digitalisation. Data were collected in spring 2021 via an 
online tool, with unique insights and information gathered from 21 respondent banks in 
Jordan — representing over 90% of banking sector assets. 

•  The BLS shows that the impact of the pandemic on credit supply in Jordan has 
been relatively contained. Around two-thirds of surveyed banks reported a stable or 
even  increasing  supply  of  credit.  On  average,  SMEs1  have  been  less  affected  than 
corporates:  50%  of  surveyed  banks  saw  their  credit  supply  to  SMEs  increase,  while 
25% reported a decrease; the respective percentages for corporates are 25% and 45%. 
While these results may seem surprising, they are explained by three main factors: (i) 
credit to SMEs was low to begin with, so there was relatively little room for decline; (ii) 
support measures were put in place by the authorities to ensure that credit continued 
to flow to the private sector and SMEs in particular, which benefitted from dedicated 
guarantee schemes; and (iii) SMEs entered the crisis in good shape and demonstrated 
flexibility and resilience throughout. 

•  Respondent banks signalled significant impact of COVID-19 on the evolution of 
credit risk management: 71% of banks required more collateral and guarantees, while 
57% increased reliance on external credit guarantees. 

•  Our  BLS  data  suggest  that  credit  demand  remains  largely  stable,  with  two 
exceptions:  credit  demand  increased  for  working  capital  loans  (over  70%  of  banks), 
signalling increased liquidity needs, and for debt restructuring (90%). 

•  The  deterioration  of  credit  quality  among  corporate  and  SME  borrowers 
remained  well  under  control.  SME  portfolio  quality  is  partially  lower  than  for 
corporates  and  more  heterogeneous  across  banks.  The  percentage  of  respondent 

1 Banks were asked to apply the local definition of SME (Small and Medium enterprises) when answering to the 
Bank Lending Survey. In Jordan small enterprises has assets or annual sales/revenues between JOD 100,000 and 
JOD one million and between 5 and 20 employees; a medium-sized enterprise has assets or annual sales/revenues 
between JOD one and three million and between 21 and 100 employees. 
4    Banking in Jordan 

 
 
                                                
banks with a low share of loans past due (below 5% of the portfolio) is 40% for the SME 
segment and 63% for the corporate segment. 

•  COVID-19  has  been  a  game  changer  for  various  areas  of  banking,  including 
operational activities, with a strong push towards greater digitalisation. On the 
impact  of  COVID-19  on  internal  operations,  90%  of  respondents  agree  that  the 
pandemic will accelerate the digitalisation of internal processes; 81% that banks’ daily 
operations will be impacted (81%); and 90% that banks’ online offer will be enhanced 
(90%). 

•  Climate risk is not a concern for two-thirds of respondent banks. 26.3% of banks 
take into account climate risk when assessing clients, but almost 60% signalled that (a) 
their risk management framework lacks an explicit process to assess clients’ climate 
risk or (b) they do not consider climate risk when assessing clients; or (c) they do not 
assess their portfolio exposure to climate risk. On average, almost 20% of banks plan 
to implement one of these measures during the next 12 months. 

•  Banks that do not consider climate risk in their operations mostly state that this 
is not a priority for them (80%). Although this attitude could change as the Central 
Bank  of  Jordan  (CBJ)  implements  new  measures  related  to  climate  risk,  the  lack  of 
regulatory  requirements,  limited  expertise,  lack  of  data  and  insufficient  resources 
remain relevant factors. 

EIB Bank Lending Survey - Jordan   5 

 
 
 
 
Macroeconomic overview 

The Jordanian economy was hit hard by the COVID-19 crisis but suffered comparatively 
less  than  other  Middle  East  and  North  African  countries,  which  were  also  affected  by 
country-specific events and/or domestic economic and political crises. Overall, Jordan’s real 
gross domestic product (GDP) declined by 1.6% in 2020, and a sharp drop in tourism—a key 
economic  sector—has  been  one  of  the  main  transmission  channels  of  the  crisis.  With  3.8 
million foreign visitors per year, tourism normally accounts for almost 40% of Jordan’s export 
receipts and 10–15% of GDP. The sector’s GDP share dropped to 3% in 2020 and its recovery 
is expected to be rather slow. 

However, Jordan was already on a low-growth trajectory before the COVID-19 crisis: the 
economy’s annual growth rate averaged 2% in 2016–2019, compared to 6.4% in 2000–2009. 
Per  capita GDP  growth  was  even  more  modest,  reflecting the  recent  and  sizeable  influx  of 
refugees: from Syria, Jordan hosts about 750 000 registered refugees and a similar number of 
unregistered refugees, collectively accounting for 10–15% of the total Jordanian population. 
The conflict in Syria has imposed a significant burden on Jordan (whose main export markets 
were Iraq, Iran and Syria), and the presence of so many refugees has not only strained the 
infrastructure endowment but also put great pressure on the job market. Against this backdrop, 
Jordan’s investment to GDP ratio has dropped from over 30% on average in 2005–2010 to 
below 20%. 

Unemployment  has  continued to  increase, reaching  25%  in  2021  — the  highest  level  in 
over  25  years,  6  percentage  points  higher  than  in  2019,  and  double  the  figure  in  2011. 
Unemployment remains a huge challenge, particularly for youth, women and university degree 
holders, with respective unemployment rates above 45%, 30% and 30%. 

Despite  the  challenges,  macroeconomic  stability  has  been  preserved  and  moderate 
growth  rates  are  projected  for  2022  (2.7%)  and  2023  (2.7%)  by  the  International  Monetary 
Fund (IMF), in forecasts presented in the October 2021 World Economic Outlook. Real GDP 
grew by 3.2% in the first half of 2021. Trade is also signalling a rebound in activity: exports 
grew by 16% overall and 33% towards the European Union, while imports grew by over 20% 
in the first eight months of 2021. Inflation is at 1.6% (as of September 2021). 

The government has been very prudent in managing the health crisis, imposing one of 
the strictest lockdowns in the world during the first pandemic wave in 2020. In terms of case 
numbers, the November 2020 and March 2021 waves were significantly more acute, with 550 
and 800 cases per 100 000 inhabitants, respectively. Meanwhile, over 40% of the population 
has  been  fully  vaccinated  as  of  December  2021,  a  significantly  higher  share  than  in  other 
countries  in  the  region,  besides  Israel.  The  government  and  the  CBJ  have  introduced 
numerous  measures  to  alleviate  the  economic  effects  of  the  pandemic,  as  described  later. 
However, because of high public debt, Jordan has limited fiscal space to support the economy. 

Public  debt  is  high,  at  close  to  90%  of  GDP  (according  to  IMF  definition),  over  10 
percentage points higher than before COVID-19. The pandemic shock further amplified the 
complexity of consolidating public finances, with the fiscal deficit remaining close to 8% in 2021 
and only gradually trending lower. Weak tax administration and the prioritisation of current over 
capital spending has left the country with substantial unmet investment needs. Although risks 
to  debt  sustainability  have  increased,  the  IMF  still  considers  Jordan’s  public  debt  to  be 
sustainable,2  provided  policy  implementation  remains  strong.  According  to  the  IMF,  the 
structure  of  public  debt  remains  favourable:  debt  maturities  are  long;  foreign  currency 
denominated debt is half of total public debt, with a large part held by official creditors; and 

2 The latest IMF debt sustainability assessment was carried out in August 2021, during the second review under 
the IMF Extended Fund Facility. 
6    Banking in Jordan 

 
                                                
public gross financing needs are manageable. Moody's rates Jordan B1 with a stable outlook, 
Standard & Poor's rates Jordan B+ with a stable outlook, and Fitch rates Jordan one notch 
higher than the other agencies (BB-) but with a negative outlook. Those sovereign ratings are, 
on  average,  one  or  two  notches  higher  than  those  of  other  countries  in  the  EU  Southern 
Neighbourhood, such as Egypt, Tunisia and Algeria. 

REAL GDP GROWTH (%) 

PER CAPITA GDP (USD) 

INVESTMENTS (% OF GDP) 

Gross government debt (% of GDP) 

Source: IMF, October 2021 World Economic Outlook 

Jordan has a long history of strong donor support. Owing to good relations with Western 
and Gulf countries and to its strategic geopolitical location, Jordan has been able to mobilise 
considerable amounts of foreign aid. A major portion of external borrowing is concessional, 
and  cooperation  with  international  institutions  is  strong.  Jordan  is  currently  benefitting  from 
IMF-supported programmes, having signed the Extended Fund Facility (EFF) and the Rapid 
Financing Instrument (RFI) in 2020, followed by an addition to the EFF in July 2021. Jordan’s 
(4.2%  of  GDP),  of 
funding 
which USD1.2 billion has been disbursed since the start of the pandemic. The EFF envisages 
a reform agenda centred on further strengthening governance and the business environment 
and overhauling the electricity sector. 

these  programmes  amounts 

to  USD1.9 billion 

from 

EIB Bank Lending Survey - Jordan   7 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 1. Jordan: IMF macroeconomic projections 

GDP (USD bn)
GDP per capita (USD)
Real GDP growth (%)
Investment (% of GDP)
Inflation, avg
Unemployment (%)
Current account (% of GDP)
Govt net lending/borrowing (% of GDP)
Gross Government Debt (% of GDP)

2025
56.3

2024
53.1

2023
50.2

2022
47.5

2021
45.3

2020
43.8

2018
43.0

2019
44.6

2026
2017
41.5
59.6
4,274 4,341 4,426 4,286 4,394 4,565 4,793 5,043 5,307 5,584
2.1
20.3
3.6
18.3
-10.6
-3.6
76.0

3.3
18.8
2.5
-
-2.8
-3.9
84.3

-1.6
18.7
0.4
22.7
-8.0
-8.9
88.0

3.1
18.7
2.5
-
-3.2
-5.2
88.4

3.3
18.9
2.5
-
-2.6
-1.8
79.9

3.3
19.4
2.5
-
-2.0
-1.8
75.9

1.9
17.6
4.5
18.6
-6.9
-4.7
75.1

2.0
16.7
0.7
19.1
-2.1
-6.0
78.0

2.0
18.5
1.6
-
-8.9
-7.7
90.9

2.7
18.7
2.0
-
-4.4
-5.9
90.6

Source: IMF, October 2021 World Economic Outlook 

The banking sector in Jordan 

Jordan’s banking sector comprises 25 commercial banks, including three Islamic banks 
and nine foreign banks, with total assets of Jordanian dinarJOD 57 billion (or EUR69.6 
billion). The sector’s total assets increased by 5% on average in 2010–2020, driven by average 
lending growth of 7% during the same period. 

The sector is rather concentrated (although less now than in the past), with the five largest 
banks accounting for 50% of branches and 54.1% of total assets at the end of 2020. Foreign 
banks are typically subsidiaries of banking groups based in the Middle East (Lebanon, Egypt 
or Kuwait) or with a worldwide presence. For instance, Citibank and Standard Chartered have 
a small number of branches to mainly serve their international clientele. Total credit facilities 
extended by licenced banks amount to JOD 30 billion (or €37.4 billion), of which 8% is granted 
to the government and public entities. 

Credit to SMEs represents 10% of total credit facilities, of which one-third is dedicated to 
small enterprises. Foreign currency lending accounts for 12% of total lending (as at the end of 
2020), and this ratio has been rather stable during the last two decades; most lending (88%) 
is in local currency. Total credit to GDP ratio has been traditionally high, increasing from 75% 
in 2010 to 85.6% in 2018 and then 90% in 2020. 

Total credit facilities extended by licenced banks, by sector (% of total, 
2020) 

from 

The Jordanian private sector 
is dominated by services and 
construction  activities.  This 
structure  is  reflected  in  the 
allocation of credit. 
Borrowers 
the 
construction  sector  make  25% 
of  total  lending  provided  by 
Jordanian  Banks,  Trade  16%, 
while 
tourism,  hotels  and 
restaurants  account  for  2.6%. 
sector 
The  manufacturing 
accounts  for  12.3%  of  total 
lending. 

                                   Source: Central Bank of Jordan 

8    Banking in Jordan 

 
 
 
 
 
 
Source: Central Bank of Jordan 

Banks  have  held  up  well  so  far  and  no  credit  crunch  materialised  during  any  of  the 
pandemic waves. They entered the crisis in good shape (with good credit quality and 
high capital and liquidity buffers), and various support measures by the authorities have 
maintained steady credit growth. More precisely, credit growth decelerated significantly in 
2017–2019 but accelerated again in 2020. It grew at a healthy pace (around 6% in year-on-
year  terms)  during  the  second  half  of  2020  and  the  first  half  of  2021,  supported  by  supply 
factors (banks’ ability to provide credit) and demand factors (SMEs’ and corporates’ increasing 
liquidity needs). However, credit growth started decelerating again during 2021, as shown in 
the chart below (depicting data available up to January 2022). At the same time, total deposit 
growth (including private and public sector deposits) accelerated significantly from mid-2020, 
especially  due  to  increased  precautionary  household  saving,  which  generated  additional 
liquidity for the banking sector, and stabilized during the second part of 2021. In this context, 
having remained rather stable in 2019–2020 (between 78% and 80%), the loan-to-deposit ratio 
slightly during 2021 (76% at the end of 2021). 

Total credit facilities extended by licenced banks: in 
2004–2021 (annual % growth) 

Deposit and credit facilities monthly evolution (year-on-year % 
growth) 

30%

25%

20%

15%

10%

5%

0%

2004

2006

2008

2010

2012

2014

2016

2018

2020

Total Deposits

Total Credit facilities

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

0
2
-
n
a
J

0
2
-
b
e
F

0
2
-
r
a
M

0
2
-
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p
A

0
2
-
y
a
M

0
2
-
n
u
J

0
2
-
l
u
J

0
2
-
g
u
A

0
2
-
p
e
S

0
2
-
t
c
O

0
2
-
v
o
N

0
2
-
c
e
D

1
2
-
n
a
J

1
2
-
b
e
F

1
2
-
r
a
M

1
2
-
r
p
A

1
2
-
y
a
M

1
2
-
n
u
J

1
2
-
l
u
J

1
2
-
g
u
A

1
2
-
p
e
S

1
2
-
t
c
O

1
2
-
v
o
N

1
2
-
c
e
D

2
2
-
n
a
J

Source: Central Bank of Jordan 

EIB Bank Lending Survey - Jordan   9 

 
 
 
 
 
 
 
 
 
 
The  CBJ  has  introduced  various  measures  to  support  financial  stability  and  ease 
liquidity stress, endorsing amounts equating to 8.6% of GDP during 2020, and focused 
particularly on SMEs. These measures included: 

- 

injecting additional liquidity by reducing the compulsory reserve ratio on deposits and 
entering repurchase agreements with banks; 
increasing loan tenors and volume limits; 

- 
-  allowing banks to reschedule loans and postpone loan repayments due from individuals 

- 

- 

and companies; 
reducing the cost and expanding the coverage of guarantees provided by the Jordan 
Loan Guarantee Corporation on SME loans (these loans are 85% guaranteed); 
requesting  banks to  postpone  dividend  payments (to  retain  earnings  and  strengthen 
their capital base). 

In 2021, some measures were prolonged: the CBJ expanded its subsidised lending schemes 
for SMEs and extended the bank loan service moratorium to negatively impacted borrowers 
until the end of 2021. These measures have had a strong influence in maintaining the flow of 
credit, especially to SMEs. 

Banking  sector  profitability  was  temporarily  weakened  (in  2020)  by  the  COVID-19 
induced  economic  slowdown  but  has  already  returned  to  healthy  levels  in  2021.  The 
non-performing loans (NPL) ratio increased only marginally due to COVID-19 (from 5% in 2019 
to  5.5%  at the  end  of  2020),  and  had  already fallen  back  to  5.3%  by mid-2021.  Profitability 
suffered only in 2020: the return on assets (RoA) of Jordanian banks declined from over 1.2% 
in  2019  to  0.6%  in  2020,  before  then  returning  to  the  2019  level  in  2021.  Return  on  equity 
(RoE) displays a similar trend. The reduced profitability in 2020 is mainly due to the allocation 
of higher provisions to address the risks deriving from the COVID-19 crisis. Other contributors 
include the postponing debt instalments and rescheduling of loans. 

Capital  and liquidity  ratios  remained  solid  throughout the  pandemic. Jordanian  banks’ 
Common Equity Tier 1 (CET1) ratio remained stable at 18.3% in 2019, 2020 and 2021, as did 
liquidity ratios. In summary, the impact of COVID-19 on the Jordanian banking sector has been 
and is expected to remain limited. 

 Table 2. Jordan: financial soundness indicators 

Non performing Loans (NPL, % on total)
Coverage ratio (%)
Net Profits before Taxes (JOD million)
Return on equity (RoE, %)
Return on assets (RoA, %)
Liquidity ratio (%)
Capital Adequacy ratio (%)

2015

4.9%
74.7%
862
10.3%
1.3%
149.0%
19.1%

2019

5.0%
69.5%
879
9.4%
1.2%
133.8%
18.3%

2020

5.5%
68.0%
493
5.1%
0.6%
136.5%
18.3%

H1 2021
5.3%
75.2%
433
9.5%
1.2%
136.2%
18.3%

Source: Central Bank of Jordan 

Lending to SMEs: the firms’ point of view 

Access to finance is considered an obstacle by 17.4% of Jordanian companies, which 
is lower than the regional average of Southern Neighboorhood3 (31%). This information 
is  derived  from  the  Enterprise  Survey,  which  provides  valuable  additional  insights  on  SME 
lending  in  Jordan,  beyond  the  official  financial  sector  statistics  published  by  the  CBJ.  The 
Enterprise  Survey  is  an  ongoing  collaborative  effort  by  the  EIB,  the  European  Bank  for 
Reconstruction and Development (EBRD) and the World Bank (WB). Run between April and 
November 2019, before the outbreak of the COVID-19 pandemic, the latest round of the survey 

3 Egypt, Tunisia, Morocco, Lebanon, Jordan and Palestine. 
10    Banking in Jordan 

 
  
                                                
focuses  on  structural  features  concerning  enterprises,  especially  SMEs.  Its  objective  is  to 
deepen understanding of the challenges and opportunities for private sector firms in running 
their  daily  business.  The  main  topics  in  focus  are  investments,  corporate  governance, 
innovation,  exports,  climate  governance  and  investments,  and  access  to  finance.  Following 
the  outbreak  of  the  pandemic,  the  Enterprise  Survey  was  complemented  by  a  COVID-19 
module to monitor its effects. 

A high share of Jordanian firms needing a loan are discouraged from applying (49% of 
SMEs, 59% of large corporates), in line with the averages of Southern Neighborhood. Only a 
small proportion of firms (7.5%) have had loan applications rejected by banks, (because many 
do not even attempt to apply). For many companies, especially SMEs, internal finance is the 
main source of financing. Bank-based financing is limited, with only 14% of SMEs and 28% of 
large corporates in Jordan having a credit line, and 22% of SMEs having no bank account. 
Responses of the COVID-19 module revealed that a large majority of Jordanian companies 
(92%)  faced  lower  liquidity  and  cash  flow  availability,  while  58%  experienced  greater 
restrictions on purchasing on credit. However, only 21% of companies reported having relied 
on banks to deal with cash flow shortages. 

Firms discouraged from applying for loans 

Rejected loan applications 

Firms with a bank loan or credit line 

Firms with a checking and/or savings account 

Note: SN refers to Southern Neighbourhood, i.e. Egypt, Tunisia, Morocco, Lebanon, Jordan and Palestine. 

Source: Enterprise Survey 

EIB Bank Lending Survey - Jordan   11 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Banking in Jordan: evidence from the EIB Bank 
Lending Survey 

COVID-19 impact 

Based on the responses from Jordanian banks4 surveyed in spring 2021, the impact of 
the COVID-19 crisis on credit supply has been contained. As shown in Figure 1, banks’ 
answers were rather balanced in assessing the pandemic’s effect on their lending to corporates 
and SMEs and they did not signal a significant, widespread deterioration in credit supply. Only 
one bank reported a significant reduction of credit supply, and that was only for corporates. 
Overall, around two-thirds of respondent banks reported a stable or even increasing supply of 
credit. 

Surprisingly, credit to SMEs has held up better than to larger corporates. The share of 
banks reporting a decline in credit supply to larger corporates (45%) was almost twice as big 
as the share reporting lower credit supply to SMEs (25%). Similarly, half of surveyed banks 
saw credit supply to SMEs increasing, whereas only 25% reported an increase in their lending 
to corporates. Overall, almost three-quarters of surveyed banks reported stable or increasing 
credit supply to SMEs, compared to 55% for corporates. An important explanation for these 
results is that many of the measures put in place by the CBJ were dedicated to SMEs. Other 
possible  reasons  include  the  strong  resilience  of  SMEs  and  their  higher  flexibility  to  the 
economic difficulties generated by the pandemic. 

Figure 1. COVID-19’s impact on corporate and SME lending 

Question: Please rate the extent to which the COVID-19 pandemic and related spillovers are estimated to affect 
your bank. 

Source: EIB Bank Lending Survey 

4 Survey results from the 21 respondent banks are weighted equally, rather than by the size of each bank (e.g. by 
total assets). For each question, the percentages are calculated by the number of banks that provided a response 
to that particular question. 
12    Banking in Jordan 

 
 
 
                                                
Respondent banks signalled a substantial impact of COVID-19 on the evolution of credit 
risk  management:  71%  of  banks  required  more  collateral  and  guarantees,  while  57% 
increased  reliance  on  external  credit  guarantees.  Moreover,  86%  of  banks  noted  a 
deterioration in their clients' financial strength. However, only 30% said that this had affected 
risk pricing. 

COVID-19 has been a game changer for various areas of banking, including operational 
areas, with a strong push towards greater digitalisation. Regarding the impact of COVID-
19  on  internal  operations,  respondents’  opinions  signal  various  changes  to  ways  of  doing 
banking: 

•  90.5%  of  respondents  (28.6%  somewhat,  61.9%  strongly)  agree  that  COVID-19  will 

accelerate the digitalisation of internal processes; 

•  80.9%  of  respondents  (33.3%  somewhat,  47.6%  strongly)  agree  that  banks’  daily 

operations have been impacted; 

•  75% of respondents (40% somewhat, 35% strongly) agree that the use of credit scoring 

tools in appraisal systems will increase; 

•  90.5% of respondents (42.9% somewhat, 47.6% strongly) agree that the online offer of 

banks will be impacted. 

However, the majority of respondent banks do not believe that the attractiveness of corporate 
clients relative to SMEs will increase. 

Figure 2 – COVID-19 impact on banks’ operations 

The COVD-19 pandemic will accelerate the digital
transformation of processes internal to the bank

The daily operations of the bank (remote working, branch
closures, etc.) have been significantly impacted

The COVID-19 pandemic will increase the relative importance
of credit scoring systems

The bank will make a broader range of financial services
available online

The COVID-19 pandemic will increase the attractiveness of
corporate clients relative to SME clients

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Neither agree nor disagree

Agree

Disagree

Question: Please rate the extent to which you agree with the following statements. Note: “Agree” combines 
“Agree somewhat” and “Agree strongly”; “Disagree” combines “Disagree somewhat” and “Disagree strongly.“ 

Source: EIB Bank Lending Survey 

Macroprudential and regulatory measures are generally viewed favourably by all banks, 
particularly  the  flexibility  on  treating  non-performing  loans.  Banks  also  consider  the 
automatic  capital  relief  already  embedded  in  regulations  for  crisis  times  (81%)  and  public 
guarantees (65%) as beneficial for their activities. Furthermore, banks welcome the adjustment 
of risk weights (58.8%) and the introduction of additional and temporary capital relief measures 
in response to the COVID-19 crisis (47.8%). 

EIB Bank Lending Survey - Jordan   13 

 
 
 
Moratoria  on  outstanding  loans were  used  more  for  corporate  clients than for  SMEs: 
63%  of  surveyed  banks  reported  that  moratoria  amounted  to  less  than  20%  of  their  SME 
portfolio, compared to 44% for corporates and 35% for households. Having over 50% of any 
of the three portfolios under moratoria is less common among banks (between 16% and 24% 
of respondent banks, depending on the segment). 

Figure 3. Moratoria in banks’ corporate, SME and household portfolios (% of total balance sheet size) 

Question: What percentage of your corporate/SME/household portfolio, in terms of total balance sheet size, took 
up moratoria for their outstanding loans? 

Regarding  international  financial  institutions  (IFIs),  surveyed  banks  indicate  that 
portfolio  guarantees  would  be  the  most  useful  instrument  to  support  the  financial 
sector. 75% of responing banks consider that portfolio guarantees to lower credit risk, followed 
by technical assistance to facilitate bank transformation (65%) and stronger support with hard 
currency funding (55%) would be most helpful. 

Funding 

During  the  pandemic,  the  availability  of  funding  has  remained  largely  unchanged  or 
even increased in some instances. This applies particularly to funding from the CBJ, with 
80% of banks signalling an increase. Support from the CBJ compensated the decline in other 
funding sources generally experienced by surveyed banks (retail deposits, corporate deposits, 
intra-group funding,  IFIs  and  wholesale  debt  securities). Only  three  banks  reported  a  sharp 
drop in funding (“Decreased significantly”): two due to less deposits collected and one due to 
less intra-group funding from the parent bank. Funding from IFIs, which is significant in Jordan 
with the presence of numerous players, was not perceived as changing significantly. Firms’ 
short-term  needs  were  mainly  covered  by  banks  due  to  the  CBJ’s  intervention,  and  most 
respondents benefitted from the relative stability of other funding sources. 

14    Banking in Jordan 

 
 
 
Figure 4 – Banks’ funding sources 

Question: Please 
rate the extent to 
which the 
availability of the 
following funding 
sources has 
changed over the 
last 12 months.         

Source: EIB Bank 
Lending Survey 

Central Bank of Jordan

Wholesale debt securities

IFIs

Interbank market

Intra-group funding

Corporate deposits

Retail deposits

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Increased considerably

Increased somewhat

Remained basically unchanged

Decreased somewhat

Decreased considerably

The  evidence  on  funding  maturities  indicates  that  short-term  funding  evolved  more 
favourably than long-term funding. Almost 60% of surveyed banks saw an increase in short-
term funding,  potentially  related  to the  CBJ’s  support measures. In any case,  neither short-
term nor long-term funding have decreased considerably, in line with the increase in availability 
of the different funding sources shown in Figure 4. 

Figure 5. Funding maturities 

Question: Please rate the extent to which the availability of short-term and long-term funding (of any source) has 
changed over the last 12 months. 

Source: EIB Bank Lending Survey 

EIB Bank Lending Survey - Jordan   15 

 
 
 
 
 
Regarding  funding  currencies,  local  currency  funding  appears  to  have  become  more 
readily  available  than foreign  currency  funding.  Again, this  is  consistent  with  the  higher 
support provided by the CBJ. For 90% of surveyed banks, local currency funding increased or 
remained unchanged, compared to 72% for foreign currency. 

Figure 6. Local vs. foreign currency funding 

Question: Please rate the extent to which the availability of the following sources of funding has changed over the 
last 12 months 

Source: EIB Bank Lending Survey 

16    Banking in Jordan 

 
 
 
Corporate lending 

All  respondent  banks  are  active  in  corporate  lending,  and  despite  the  pandemic’s 
effects,  their  lending  volumes  and  clientele  have  been  increasing  on  average.  The 
evolution  of  demand  shows  that  customers’  behaviour  is  evolving.  The  BLS  helps  to 
disentangle some of the credit demand and supply factors affecting Jordanian banks. These 
factors are not otherwise visible, for instance because total credit growth reflects the concurrent 
interplay of both demand and supply factors. 

Evolution of credit demand from corporates 

Credit demand has remained largely unchanged, except for demand for working capital 
loans and debt restructuring: 

•  74% of surveyed banks reported increased demand for working capital loans in local 

currency, signalling a rise in the need for liquidity for many firms; 

•  89%  reported  increased  demand  for  debt  restructuring  (with  61%  reporting  a 

considerable increase). 

These results illustrate the stress experienced by many firms trying to address their liquidity 
need via short-term financing and/or debt restructuring. 

Evolution of credit supply to corporates 

Many banks have responded to their clients’ demands, particularly to greater short-term 
liquidity needs, by increasing lending: 72% of surveyed banks increased their lending (in 
percentage or volume) compared to the previous year. 

However,  given  the  highly  uncertain  context,  banks  have  taken  greater  precautions 
when dealing with corporate customers: 79% of surveyed banks tightened their credit 
standards  (16%  “considerably”  and  63%  “somewhat”).  Only  5%  reported  easing  credit 
standards over the previous 12 months. 

Figure 7 – Change in credit standards over the last 12 months 

Question Over the last 12 months, how have your bank's credit standards, as applied to loans or credit lines to 
corporates, changed? 

Source: EIB Bank Lending Survey 

EIB Bank Lending Survey - Jordan   17 

 
 
 
 
 
 
Uncertainty surrounding the general economic outlook and the expected deterioration 
in asset quality appear to be the predominant drivers of banks tightening their credit 
standards.  Other  prominent  contributors  include  risk-adjusted  returns  and  changes  in 
accounting  rules.  Conversely,  regulatory  changes  (presumably  related  to  COVID-19 
measures) and competition from other banks were the two main factors leading banks to ease 
credit standards for corporates. 

Figure 8. Corporate lending: factors contributing to changes in credit standards 

Changes in accounting rules

Regulatory changes

Competition from non-banks

Competition from other banks

Political instability

General economic outlook

Capital

Foreign currency funding

Local currency funding

Asset quality

Human resources

Risk- adjusted  returns

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Contributed considerably to tightening credit standards

Contributed somewhat to tightening credit standards

Did not contribute to changing credit standards

Contributed somewhat to easing credit standards

Contributed considerably to easing credit standards

Question: Please rate the extent to which the following factors contributed to changes in credit standards for loans 
to corporates over the last 12 months. 

Structure and maturity of corporate credit portfolio 

Source: EIB Bank Lending Survey 

The  corporate  lending  portfolio  of 
respondent  banks  is  dominated  by 
working  capital  financing,  averaging 
59%  of  the  total  (around  7  percentage 
points  higher  than  for  the  SME  lending 
portfolio).  Investment  loans  represent 
14% of the total, on average. 

The average maturity of the portfolio 
ranges  from  12  months  to  3  years, 
with only one bank reporting an average 
maturity  of  5  years.  These  findings 
confirm  the  orientation  towards  short-
term  lending,  with  limited  appetite  for 
investments 
loans.  The  maximum 
offered maturity ranges from five to ten 
years,  in  line  with  the  more  limited 
interest in long-term investment loans. 

Figure 9. Corporate loans structure 

Question: What is the sructure of your total corporate 
(excluding SME) portfolio at the end of financial year 2020? 

Source: EIB Bank Lending Survey 

18    Banking in Jordan 

 
 
 
       Portfolio quality 

The  deterioration  of  credit  quality  among  corporate  borrowers  remained  well  under 
control. The maximum reported percentage of corporate loans more than 180 days past due 
is  12%,  while  one  third  of  banks  report  having  past  due  loans  close  to  zero.  Two-thirds  of 
surveyed banks have past due loans below 5% of their corporate portfolio, and 31% between 
5%  and  10%.  The  distribution  of  corporate  loans  more  than  180  days  past  due  shows  that 
corporate customers’ credit quality is not a main source of concern, despite the challenging 
macroeconomic  outlook.  Clearly,  moratoria  and  other  measures  have  been  instrumental  in 
relieving banks from a sudden increase in problem loans. 

SME lending 

Most  Jordanian  banks  offer  SME  lending  and  they  tend  to  organise  it  in  two  ways, 
through  either  a  specialised  SME  department  (71%  of  surveyed  banks)  or  a  more  general 
credit department (29%). Only 15% of surveyed banks had no SME lending in place, which 
may be too small a sample for drawing significant inferences. Reasons cited for not lending to 
SMEs included the lack of credible financial statements, insufficient projected cash flow, lack 
of acceptable collateral and lack of capital. 

Evolution of credit demand from SMEs 

The evolution of SMEs’ credit demand resembles that for corporates, with working capital 
loans in local currency having risen (for 70% of respondent banks) along with debt restructuring 
(95%). The demand for other loan categories remained basically unchanged. The main factor 
behind these developments is again the uncertainty of the general economic outlook, which 
explained 70% of answers. 

Figure 10. SME loans structure 

Debt restructuring

Mergers, acquisitions and corporate restructuring

Leasing

Investment loan in foreign currency

Investment loan in local currency

Working capital loan (including overdrafts) in
foreign currency

Working capital loan (including overdrafts) in local
currency

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Decreased

Remained basically unchanged

Increased

Question: Please rate the extent to which demand from SMEs has changed over the last 12 months. 

Source: EIB Bank Lending Survey 

EIB Bank Lending Survey - Jordan   19 

 
 
 
 
 
 
 
Evolution of credit supply to SMEs 

The majority of surveyed banks tightened credit standards for SME (59%), albeit to a 
less extent than for corporates (79%). Respondents cited risk-adjusted returns, asset quality 
and the general economic outlook as key factors behind this tightening. Conversely, regulatory 
changes,  competition  from  other  banks  and  the  availability  of  local  currency  funding 
contributed to banks easing credit standards for SMEs. 

Figure 11. SME lending: factors contributing to changes in credit standards 

Changes in accounting rules

Regulatory changes

Competition from non-banks

Competition from other banks

Political instability

General economic outlook

Capital

Foreign currency funding

Local currency funding

Asset quality

Human resources

Risk- adjusted  returns

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Contributed considerably to tightening credit standards

Contributed somewhat to tightening credit standards

Did not contribute to changing credit standards

Contributed somewhat to easing credit standards

Contributed considerably to easing credit standards

Question: Please rate the extent to which the following factors have contributed to changes in credit standards for 
loans to SMEs over the last 12 months. Source: EIB Bank Lending Survey 

SME clients remain generally attractive for banks, but some SME characteristics drove 
banks to reject applications, including insufficient projected cash flow (which 100% of survey 
banks indicated as a cause to reject applications at times), lack of capital (87.5%) and poor 
credit  history  (87.5%).  Incomplete  loan  applications  and  lack  of  acceptable  collateral  are 
reported as less relevant. For non-client SMEs to become clients, the key problems reported 
by respondent banks are these SMEs’ informal and unregistered status (52.9%) and their poor 
credit history (64.7%). 

20    Banking in Jordan 

 
 
 
 
 
Structure and maturity of SME credit portfolio 

The structure of the SME portfolio does not significantly differ from that of the corporate 
portfolio.  However,  working  capital  loans,  including  overdrafts,  account  for  a  somewhat 
smaller total share (49% for SME vs. 59% for corporates). Investment loans are proportionally 
more important for SMEs (21% vs. 14% for corporates). 

The  distribution  of  maturities 
for  SME 
lending—ranging  between  12  and  36 
months—is  shorter 
for  corporate 
lending. 

than 

49%

the  maximum  maturity 

is 
Conversely, 
between five and ten years, which is similar 
to corporate portfolios. 

loans  are 
A  small  proportion  of  SME 
denominated in foreign currencies, mainly for 
working  capital  loans  (including  overdrafts) 
and other loans. 

30%

21%

Working capital loans, including overdrafts
Investment loans
Other loans to corporates (excluding SMEs)

Figure 12. SME loans structure 

Source: EIB Bank Lending Survey 

Working capital loans generally have higher collateral coverage, with 66% of the total loan 
portfolio collateralised, on average. For investment loans, 37.5% of surveyed banks reported 
that they did not request collateral, whereas 43.8% requested collateral for above 70% of the 
value of their loans. 

Figure 13. Average portfolio protection by collateral 

Question: What percentages of your SME loans are secured by collateral? 

Source: EIB Bank Lending Survey 

EIB Bank Lending Survey - Jordan   21 

 
 
 
 
 
 
 
 
Among assets such as (real estate, machineries, inventories, personal assets, patents), 
real estate is used very frequently as collateral by banks, while patents almost never. 
Personal  assets  are  also  used  more  frequently  than  machinery/equipment  and  inventories 
(possibly due to the fact that the publicly accessible electronic registry for moveable assets 
has been established in 2018). The majority of banks reported needing more than one year to 
enforce  collateral.  Some  banks  mentioned  use  of  the  courts  to  settle  claims,  with  35%  of 
surveyed banks using this mechanism for over 50% of claims. 

Portfolio quality 

SME  portfolio  quality  is  lower  than  for  corporates  and  more  heterogeneous  across 
banks. Nonetheless, credit quality remained under control for SMEs too during 2020. 
The share of loans more than 180 days past due is much larger for SMEs than for corporates. 
Regarding SMEs, 40% of surveyed banks have an overdue loans ratio below 5%, while the 
rest  have  ratios  mainly  between  5%  and  15%.  The  high  share  of  problem  loans  has  been 
mitigated by the availability of collateral and credit guarantees. 

Climate risk 

Climate risk is not a concern for over two-thirds of respondent banks. Only 32% view 
climate risk as relevant to their lending portfolio exposure. Just above 20% of banks take into 
account  climate  risk  when  assessing  clients  and  assess  their  own  physical  risk  exposure. 
However, almost 60% of banks: 

•  have no explicit process in their risk management framework to assess clients’ climate 

risk; 

•  do not consider climate risk when assessing clients; 
•  do not assess their portfolio exposure to climate risk. 

Around 20% of banks are planning to implement some of these measures during the next 12 
months, especially the incorporation of climate risk into risk management frameworks. Half of 
respondents do not expect climate risk considerations to be explicitly included in the regulatory 
framework. 

Figure 14. Climate change risk management 

Do climate risk considerations affect your  pricing  for clients? 

Do you have an explicit process in your  risk-management framework 
for  identifying  and assessing climate-related   (physical and or transition) risks 
of your  clients? 

Do you take into account climate risk  considerations when assessing clients? 

To actively manage your balance  sheet’s climate impact, do you apply 
any   “Green Weighting  Factor”, e.g. risk weighted assets ( RWA) relief for green 
deals and RWA extra  charge for “brown” deals? 

Do you assess your exposure to climate  transition risk (related to the 
transition to a low-carbon economy, including  policy changes, shifts in market 
preferences) with respect to your lending  portfolio?

Do you assess your exposure to physical  risk associated with climate change 
(i.e. exposure to climate hazards) with respect to your lending  portfolio? 

Yes

No

Not yet, but we are planning to do so in the near future (over the next 12 months)

0%

20%

40%

60%

80%

100%

Source: EIB Bank Lending Survey 

22    Banking in Jordan 

 
 
For banks that perceive climate risk as relevant, the client's sector and size are the main 
criteria  considered  to  identify  firms  more  exposed  to  climate  risk.5  The  most  popular 
instruments  applied  to  manage  climate  risk  are  client's  rating  (by  the  bank,  66.7%  of 
respondents) and requesting guarantees from clients (50%). Conversely, pricing, loan maturity 
and incentives for green projects are applied less frequently or not at all. 

Banks  uninterested  in considering  climate  risk  mostly  state that  climate risk  is  not  a 
priority  (80%).  For  the  others,  main  impediments  to  developing  an  explicit  process  for 
identifying and assessing climate risk are the lack of regulatory requirements (50%), limited 
expertise (50%), lack of data (60%) and lack of resources (33%). 

Figure 15. Relevance of climate risk (left) and impediments to tackling climate risk (right) 

Percentage of NO answers

31.6%

68.4%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Yes

No

Currently not a
priority

Lack of
regulatory
requirements

Limited expertise

Lack of data

Lack of resource

Question: Is climate risk relevant to your 
lending portfolio exposure? 

Question: What are your main impediments to developing an 
explicit process to identify and assess climate risk? 

Source: EIB Bank Lending Survey 

5  Respondents  answered  the  following  question:  “In  case  you  evaluate climate  risk only  for  some categories of 
clients—not for the entire portfolio—which criteria do you apply to select the clients to be evaluated?” 

EIB Bank Lending Survey - Jordan   23 

 
 
 
 
 
 
 
                                                
Concluding remarks 

Responses from the 21 banks that participated in the BLS in spring 2021 help to deepen 
understanding  of  the  Jordanian  banking  sector.  Specifically,  the  survey’s  insights 
disentangle some of the credit demand and supply factors affecting Jordan’s banks, while also 
elucidating other dynamics such as the impact of COVID-19 and the challenges generated by 
climate risk and digitalisation. 

COVID-19 has significantly affected the Jordanian economy, but the banking sector has 
remained  protected  and  banks  have  reacted  prudently  and  wisely  to  the  situation. 
Internally, banks are improving and digitalising their internal processes and their product offer; 
externally, they are leveraging the measures introduced by regulatory authorities and support 
from IFIs. 

A credit crunch was avoided: credit supply did not drop, while credit demand remained 
stable,  sustained  by  companies’  higher  liquidity  needs  (with  increased demand for  working 
capital and debt restructuring). The measures put in place by regulatory authorities were key 
to preserving the regular flow of credit and maintaining the quality of lending portfolios. The 
CBJ played a direct role by providing funding and boosting liquidity available for banks, and an 
indirect  role  via  regulatory  measures  that  have  alleviated  stress  on  borrowers  (principally 
moratoria and loan rescheduling). Overall, credit quality remained healthy and the NPL ratio 
did not surpass 5.5%. 

The  pandemic  also  pushed  banks  towards  transforming  their  operational  processes, 
thus  accelerating  the  digital  transformation.  Finally,  Jordanian  banks’  awareness  and 
management of climate risk appear to need substantial improvement. Climate risk is not yet a 
concern for more than two-thirds of surveyed banks, most of which do not consider it a priority. 
This  prevailing  attitude  is  explained  by  the  lack  of  data  and  resources,  lack  of  regulatory 
requirements and limited expertise. 

24    Banking in Jordan 

 
 
 
 
References 

Alatrsh, M. B., “The factors affecting the profitability of Jordan banks,” 29 June 2020. 
Available at https://ssrn.com/abstract=3637932 or http://dx.doi.org/10.2139/ssrn.3637932 

Central Bank of Jordan, Annual report 2020, September 2021. 

Central Bank of Jordan, Financial stability report 2020, November 2021. 

Economist Intelligence Unit, Jordan country report, Q4 2021. 

European Bank for Reconstruction and Development, European Investment Bank, and World 
Bank, “What’s holding back the private sector in MENA? Lessons from the Enterprise 
Survey,” Washington, DC: World Bank, July 2016. 

IMF, Staff report - Conclusion of the IMF’s 2nd EFF review under the EFF with Jordan, 
August 2021. 

IMF, Staff report - Conclusion of the IMF’s 1st EFF review under the EFF with Jordan, 
January 2021. 

IMF, Middle East and Central Asia - Regional economic outlook: Arising from the pandemic: 
Building forward better, April 2021. 

Moody’s, Government of Jordan credit opinion, December 2021. 

World Bank, Jordan's economic update, October 2021. 

EIB Bank Lending Survey - Jordan   25 

 
 
Economics Department
economics@eib.org

www.eib.org/economics 

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BANKING IN JORDAN
Financing corporates and SMEs in the era of COVID-19 
Evidence from the EIB Bank Lending Survey

© European Investment Bank, 03/2022   EN

pdf:

ISBN 978-92-861-5224-5