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Ammon News - AMMONNEWS - In response to Royal directions to the Government to develop a comprehensive financing program to support Small and Medium Enterprises (SMEs) for young people through local banks, Prime Minister Omar Razzaz decided to form a steering committee headed by Deputy Prime Minister and Minister of State Rajai Muasher to start practical actions for implementation.

During the preparation phase to launch the program, the committee will include Ministers of Industry, Trade and Supply, Youth, Planning and International Cooperation, Labour, the Governor of the Central Bank (CB), the Director General of the Jordan Loan Guarantee Corporation (JLGC), the CEO of the Business Development Center (BDC) and the Director General of Association of Banks in Jordan (ABJ).

The committee will develop a regulatory framework that sets out the basis for the partnership with local banks wishing to participate in this funding program, target groups, the qualification process for applicants in terms of training, the mechanism for applying for funding and eligibility criteria.

The committee will also prepare and implement awareness campaigns to introduce the self-employment financing program to encourage the target groups of young people to benefit from the training and funding opportunities that will enable them to implement productive and sustainable projects.

Last week at a meeting with a group of young entrepreneurs, attended by His Royal Highness Crown Prince Al Hussein bin Abdullah II, His Majesty King Abdullah directed the government to develop a new comprehensive financing program, along clear and transparent criteria, that includes funding, training and technical support to enable youth to start small- and medium-sized projects, creating jobs and sources of income.