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Ammon News - AMMONNEWS - The Senate on Tuesday endorsed Jordan Investment fund Law for 2016 as referred from the Lower House, during a session chaired by Senate President Faisal Al-Fayez and in the presence of Prime Minister Abdullah Ensour and the cabinet .

The law entails establishing a fund named "Jordan Investment Fund" with a board of directors headed by the prime minister. The fund also to include four ministers as well as three other members designated by the Council of Ministers.

The law stipulates that the fund has the right to possess, invest and develop projects of the national railway network, the electricity interconnectivity project with Saudi Arabia, the pipeline to transfer crude oil and fuel derivatives to the Jordan Petroleum Refinery Company and consumption and storage points.

The fund also includes other projects such as developing infrastructure at the Custodian of the Two Holy Shrines City project and a recreational estate project in Matal in Aqaba, in addition to other projects that the Cabinet approves, based on a recommendation from the fund’s board of directors.

According to the bill, sovereign funds and Arab and foreign investment institutions are to establish a shareholding company or more to invest in development rights and in projects listed in the bill.

Under the law, the investment fund and the company are exempted from all customs and stamps fees and any other fees or taxes, including general sales tax, special taxes and the income tax.

At the beginning of the meeting, Ensour congratulated Their Majesties King Abdullah II and Queen Rania on the occasion His Royal Highness the Crown Prince Hussein graduation from Georgetown University .