About the Bank
Cities and villages Development Bank was established in 1979, it’s an official public institution, which enjoys the status of a judicial person, which is administratively and financially independent.
The banks announced capital amounted to JD (50) million and the paid – up capital with the reserve amounted to JD(72.2) million while the paid – up capital without the reserve amounted to JD(48.2) million as follows:
|Contributor||announced capital||paid – up capital|
|The Hashemite Kingdom of Jordan||(34) million JD||(34) million JD|
|Jordan Central Bank||(1) million JD||(1) million JD|
|Local council||(15) million JD||(13.2) million JD|
|Total||(50) million JD||(48.2) million JD|
The bank provides long term financing to establish both services and productivity projects through the local councils.
The total of these projects amounted to JD(289.8) million.
The bank also administrates and guarantees loans held between the councils and any other party aim to provide the councils with the essential services.
CVDB assists the local councils in appointing priorities for productive projects in the light of their economic feasibility.
CVDB provides the technical experience and services including the training of the technicians, The bank administers the councils treasury collected by the government.
Development Bank contributing in local development.
- Managing and developing Local Councils Financing
- provide the required finance to execute developmental and investment projects and improve employee performance to achieve local development.
Objectives and Duties:
- Support the local council’s projects to secure the services and participate in their development by way of mobilizing its local and foreign financial resources, the bank also extends credit facilities necessary for the execution of the council’s projects.
- The administration and guarantee of the loans procured by the local councils, and performing any banking function, dealing or operation required by virtue of this law or any other enactment or by virtue of any international agreement to which the government of the kingdom is party of and whose implementation requires the participation of the Bank.
- Assisting the local councils in appointing priorities for productive projects in the light of their economic feasibility and participate in the capital for those projects.
- Assisting the procurement of technical expertise and services including the training of the technicians needed by the local councils.
- Extend credit facilities to local councils or Establishment to whose objectives include providing basic services within the boundaries of the local councils.
- Providing fund for zero interest projects for the local councils, according to a specific criteria.
The Bank continues to contribute in the development process of the local councils by providing the adequate fund, experience, services, technical and administrative skills within the government effort in developing and reforming the municipalities to achieve a comprehensive sustainable development by several projects, and the most important projects are:
- Services projects, streets, curbs and sides, parks, public entertainment places, pilot centers, health and social centers.
- Productive projects, complexes, offices, industrial and handcraft areas, car parks, libraries.
The Bank also supports and participates effectively in developing municipal work and expense control through providing some of the municipalities with credential facilities as in the overdraft accounts to cover its financial needs.