The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has approved a USD 20 million medium-term Islamic finance facility for Applied Plastic Industries Company (API), Jordan’s leading nonwoven fabrics manufacturer. The financing will support the installation of advanced Spunlace technology, enabling API to expand production capacity, improve operational efficiency, and diversify its product portfolio.
The investment will allow API to establish a new Spunlace production line, strengthening its ability to manufacture high-performance nonwoven materials used in personal hygiene products, healthcare PPE such as gowns and face masks, and agricultural applications. By integrating cutting-edge equipment, the company aims to enhance product quality while meeting growing regional demand.
Beyond industrial expansion, the project is expected to generate significant employment opportunities, reinforcing Jordan’s manufacturing competitiveness and supporting economic diversification. The initiative aligns closely with the country’s broader industrial modernisation agenda and contributes to sustainable private-sector 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.”
The project advances ICD’s mission to promote inclusive and sustainable economic development across its member countries. It directly supports key 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).
Strategically aligned with Jordan’s national development priorities, the expansion reinforces the country’s ambition to build a resilient, competitive, and future-ready manufacturing sector.