EU launches plan to stimulate Jordan's economy | Business | Ammon News

EU launches plan to stimulate Jordan's economy

[3/28/2018 7:36:55 AM]

AMMONNEWS - The European Union (EU) on Wednesday launched its foreign investment plan in Jordan to provide a variety of financing tools, and technical assistance to ensure high-quality projects.

During the launch ceremony, Minister of Planning and International Cooperation Emad Fakhoury stressed the importance of the initiative to support efforts to stimulate the economy, to increase rate of sustainable economic growth, to create employment opportunities in view of the ambitious objectives of the EU plan.

He pointed out the plan provides an appropriate framework for multilateral dialogue to look into fresh mechanisms for cooperation, and will support measures aimed at creating employment opportunities for Jordanians to reduce unemployment.

The minister said the ambitious objectives of the EU-Africa Neighborhood Investment Plan aims to provide a variety of financing tools complementing current support from multilateral financing institutions and banks, which includes funding to the private sector through EU guarantees to investors against risks and technical assistance to ensure setting up high-quality projects.

As for its impact, the minister said this step will produce innovative financing mechanisms in partnership with EU and international financing institutions for an initial set of important sectors that will be covered by the plan as driving sectors for growth and are in line with Jordan's national priorities and programs.

On the targeted sectors, he said they include sustainable energy sectors, rural entrepreneurship and agro-industries, sustainable cities and development, digital transformation and microenterprise.

He also cited continuous repercussions of the Syrian crisis, which has put more pressure on the country's capabilities, resources and infrastructure.

To counter such regional crises, he said Jordan is confidently continuing its comprehensive reform tracks, and turning challenges into opportunities in accordance with a participatory reform approach.

With regard to Jordan's investment environment, he explained, "It is appropriate, lucrative, and provides a safe business environment, which is essential for achieving sustainable and long-term growth." The Economic Growth Stimulus Plan (2018-2022) is crucial as the road map to double the rate of growth, and to give the private sector a greater role in implementing projects in a public-private sectors' partnership to help increase employment opportunities and to adjust unemployment levels that are the major challenge to the country, he pointed out.

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