ICD Extends USD 20 Million Islamic Financing to Jordan’s Non-Woven Fabrics Sector

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has extended a USD 20 million medium-term Islamic financing facility to Applied Plastic Industries Company (API), Jordan’s leading non-woven fabrics manufacturer. Announced on January 2, 2026, the financing is intended to support the expansion of API’s production capacity through the installation of advanced Spunlace technology, strengthening Jordan’s industrial base and supporting economic diversification.

The facility will be used to fund capital expenditure for state-of-the-art Spunlace equipment, enabling API to establish a new production line and enhance operational efficiency. API supplies non-woven materials used in personal hygiene products, healthcare personal protective equipment such as gowns and face masks, as well as agricultural applications.

By upgrading its manufacturing capabilities, the project is expected to improve product diversification, support industrial modernization, and generate new employment opportunities. The expansion also aligns with Jordan’s broader economic development agenda by reinforcing domestic manufacturing and enhancing competitiveness in regional non-woven fabric markets.

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, highlighted the significance of the partnership, saying:
"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 toward Jordan’s manufacturing sector, the project aims to strengthen industrial competitiveness, stimulate job creation, and advance 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).

The expansion also aligns closely with Jordan’s national priorities to foster economic growth, develop high-value manufacturing industries, and position the country as a competitive and sustainable regional economy