British Export Finance supports the construction of 4 garment factories in Aqaba
Al-Anbat -
Neveen AL - Jarrah
British Export Finance, the UK government's export credit agency, has announced its first deal in Jordan to support Classic Fashion, a clothing manufacturer, to build 4 new garment manufacturing plants and an executive office in Aqaba.
The British Embassy in Amman said in a press statement that the deal, worth 66 million pounds, will begin with the construction of four factories, including three manufacturing units, in addition to the main Aqaba facility.
This project will enhance the field of textile industry in Jordan.
The British Export Finance Corporation offered a combination of direct lending and buyer credit guarantee, allowing Classic Fashion to move quickly on its project and benefit from flexible payment terms.
The embassy added, the planned new site, which is located in the Aqaba Special Economic Zone, is expected to provide about 4,000 job opportunities for Jordanians by 2024, and jobs will be provided for Jordanians in various fields with the possibility of growth and the opportunity to enter the field of ready-made garments.
The embassy confirmed the UK's support will extend beyond the funding scheme, noting that more than 30 percent of services and supplies for the project such as machinery and other building materials will come directly from suppliers in the UK.
In turn, ASGC UK, a leading British construction company in the region, will manage the project and oversee all related elements to ensure quality and timely delivery.
In addition, the British Minister for Asia and the Middle East, Amanda Milling, who is visiting Jordan as part of her regional visit, welcomed the initiative and the opening of a new garment and textile factory in Aqaba, which will create thousands of jobs in Jordan.
The British Export Finance Corporation is keen to create an open and friendly business environment, and its long-term experience in sectors such as renewable energy, water sustainability, manufacturing, construction, services and technology is indicated. local, such as the Jordanian dinar. The UK is a reliable partner for Jordan. --(Petra)
