The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has extended $20 million medium-term Islamic finance facility to Applied Plastic Industries Company (API), a 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.

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."

Radwan Khattab, General Manager of Applied Plastic Industries Company, said: "We are honoured 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," Khattab said. - TradeArabia News Service