The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, has approved a USD 20 million medium-term Islamic finance facility for Applied Plastic Industries Company (API), Jordan’s leading producer of non-woven fabrics.
The financing will support capital investment in advanced Spunlace equipment, enabling API to establish a new production line and significantly expand its manufacturing capacity. The project is designed to strengthen Jordan’s industrial base while supporting sustainable economic growth through modernised production capabilities.
API produces non-woven materials used across a range of essential applications, including personal hygiene products, healthcare personal protective equipment such as gowns and face masks, as well as agricultural uses. The expansion is expected to drive job creation, enhance productivity and improve the country’s competitiveness within the regional non-woven fabrics market.
By enabling the acquisition of cutting-edge Spunlace technology, the facility will improve production efficiency and broaden product diversification. The investment also aligns with Jordan’s wider economic development ambitions by supporting industrial modernisation and long-term value creation.
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.”
The initiative supports ICD’s mandate to promote sustainable private sector development across its member countries. By directing capital into Jordan’s manufacturing industry, the project contributes to employment generation, industrial competitiveness and the achievement of key United Nations Sustainable Development Goals, including Decent Work and Economic Growth, Industry, Innovation and Infrastructure, and Partnerships for the Goals.
Overall, the expansion aligns closely with Jordan’s national priorities to stimulate economic growth, create quality jobs and advance its vision of becoming a sustainable and competitive regional economy.