By Ayomide Otitoju
The private sector arm of the Islamic Development Bank (IsDB) Group has extended a USD 20 million medium-term Islamic finance facility to Applied Plastic Industries Company (API), Jordan’s leading manufacturer of non-woven fabrics.
The facility will fund capital expenditures for advanced Spunlace equipment, enabling API to establish a new production line and expand its manufacturing capacity. The investment is expected to enhance production efficiency, diversify products, and support the modernization of Jordan’s manufacturing sector.
Dr. Khalid Khalafalla, Acting CEO of the IsDB’s Islamic Corporation for the Development of the Private Sector (ICD), said the financing underscores ICD’s commitment to industrial development in 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,” Khalafalla said. He added that the project demonstrates how Shariah-compliant finance can catalyze private sector growth, job creation, and sustainable development.
Mr. Radwan Khattab, General Manager of API, described the financing as “a transformational milestone” that will allow the company to acquire state-of-the-art Spunlace technology. He said the investment will expand API’s regional market reach, improve product quality, and create substantial employment opportunities for Jordanian professionals and skilled workers.
The project aligns with Jordan’s broader economic objectives, including promoting industrial competitiveness, creating quality jobs, and advancing the country’s vision of becoming a sustainable and competitive regional economy. It also supports the United Nations Sustainable Development Goals, including SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 17 (Partnerships for the Goals).
