The financing will enable API to acquire cutting-edge Spunlace technology, enhancing production efficiency and product diversification
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank (IsDB) Group, has recently extended USD 20 million medium-term Islamic finance facility to Applied Plastic Industries Company (API), the leading manufacturer of non-woven fabrics in Jordan. The facility will finance capital expenditure for advanced Spunlace equipment, enabling API to establish a new production line and expand its manufacturing capacity.
The financing will enable API to acquire cutting-edge Spunlace technology, enhancing production efficiency and product diversification. This investment supports Jordan’s manufacturing sector modernization while contributing to the country’s broader economic development objectives through sustainable industrial growth.
Commenting on the financing, Dr. Khalid Khalafalla, Acting Chief Executive Officer of ICD, stated: “This financing facility exemplifies ICD’s strategic commitment to advancing industrial development across our member countries. By partnering with Applied Plastic Industries, we are making a targeted investment in Jordan’s manufacturing value chain that aligns with the nation’s economic diversification objectives. This transaction demonstrates the powerful role of Shariah-compliant finance as a catalyst for private sector expansion, job creation, and inclusive economic development. The expansion of API’s production capacity will strengthen Jordan’s competitive position in regional non-woven fabrics markets while creating meaningful employment opportunities that directly contribute to sustainable development.”
Mr. Radwan Khattab, General Manager of Applied Plastic Industries Company, said: “We are honored to partner with ICD, a globally respected development finance institution that shares our vision for sustainable industrial growth. This financing facility represents a transformational milestone for API, enabling us to acquire state-of-the-art Spunlace technology that will enhance our production capabilities and product quality. The investment will not only expand our market reach regionally but will also create substantial employment opportunities for Jordanian professionals and skilled workers. We are committed to contributing to Jordan’s economic development agenda and are confident that this partnership with ICD will strengthen our position as a leading manufacturer in the Middle East’s non-woven sector.”
This initiative advances ICD’s mission to foster sustainable economic development in its member countries. By channeling capital into Jordan’s manufacturing sector, the project aims to create substantial employment opportunities, enhance industrial competitiveness, and support the United Nations Sustainable Development Goals, particularly SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 17 (Partnerships for the Goals).
The expansion project aligns strategically with Jordan’s national objectives of fostering economic growth, creating quality employment opportunities, and advancing the nation’s vision of becoming a sustainable and competitive regional economy.
Source: APO
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