Cedar Rose has expanded its client base in the Middle East with the signing of a strategic agreement with Jordan Loan Guarantee Corp (JLGC). The agreement will see Cedar Rose providing business intelligence services to the companies JLGC evaluates to underwrite. Cedar Rose's company credit reports will provide JLGC with a variety of data, such as company firmographics, company identification, company structure, management and more.
Cedar Rose's Co-Founder and CEO Antoun Massaad made the announcement, saying, “We are very excited to expand our presence in Jordan. It is a significant development for us as JLGC is an important national player supporting local SMEs to export internationally and get guarantees to facilitate financing."
This agreement demonstrates the trust JLGC has in Cedar Rose to provide qualitative business and credit risk reports/solutions internationally. It will allow JLGC to make smarter decisions with access to reliable business intelligence services.”
In addition to working with Batch files, Cedar Rose's Application Programming Interface (API) allows for the creation of services tailored to the needs of JLGC and its existing compliance processes. Antoun explained, “JLGC will be able to take advantage of some of the features of our newly enhanced fully automated end-to-end solution for onboarding customers covering the entire journey from Know Your Business (KYB) to compliance checks and credit reports.”
Mohammed Al Ja'fari, Director General of the Jordan Loan Guarantee Corp, said: “We select credible partners to advance risk underwriting methodologies of Export Credit Insurance, and we believe that the JLGC partnership with Cedar Rose will have an important impact on the level of support provided to Jordanian companies.
This agreement will help JLGC to increase capacity in granting credit limits for their buyers and will enable JLGC to assess the creditworthiness of the companies, evaluate any risk associated with the business risk and ensure they support their customers confidently."
Jordan Loan Guarantee Corporation (JLGC) is the country's credit guarantee agency, which manages multiple loan guarantee programs, as well as Export Credit Insurance Schemes and the Innovative Startup and Small Business Funds (ISSF) created by the Jordanian Central Bank and the World Bank.
A public shareholding company created back in 1994 by the Central Bank of Jordan, with the Central Bank holding 45% of the paid-up capital of the company and the rest mainly held by commercial banks operating within the country. By improving the lending environment and providing credit insurance to national exporters, this project aims to enhance sustainable economic growth in Jordan.
Cedar Rose has served several clients in Jordan for more than 20 years. Antoun stressed, “Jordanian companies have always trusted Cedar Rose for our credit and compliance risks solutions, in the Middle East region and globally.”
For more information on how we can help your business in the MENA region and beyond, give us a call today on +357 25 346630 or email info@cedar-rose.com.