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Ammon News - The European Bank for Reconstruction and Development's (EBRD) and the European Union (EU) held a teleconference on developing the private sector in Jordan in light of the Kingdom's challenges due to the coronavirus (COVID-19) pandemic.

The event, held in cooperation with the Jordan Europe Business Association (JEBA) and opened by EBRD Director for Eastern Mediterranean region, Philip ter Woort, and EU Ambassador to Jordan, Maria Hadjitheodosiou aimed at discussing challenges facing the private sector in Jordan and identifying opportunities available despite the pandemic.

In his participation in a conference session, Minister of Digital Economy and Entrepreneurship, Ahmad Hanandeh, said the ministry is working continuously to cooperate with the private sector, which is a key partner in supporting the economic development process, as the ministry worked to an enabled legislative environment for the private sector and support and grant facilities to companies and individuals.

Hanandeh pointed out that the COVID-19 crisis demonstrated the challenges and gaps that the economy and society faced and the importance of the digital transformation process in overcoming these challenges.

EBRD latest economic forecasts indicate a slowdown of economic growth in Jordan by 1.3 percent, on an annual basis during the first quarter of 2020 due to the crisis and measures related to containing the pandemic, which affected the private sector and tourism.

During the conference, EBRD and EU representatives presented their views and priorities to support private sector companies and stakeholders in Jordan.

Key topics discussed included trade and exports and the Simplified Rules of Origin Agreement, an initiative by the EU to simplify the rules of origin that Jordanian exporters use in their trade with the bloc's countries.

"The bank is ready to continue its support to the private sector in Jordan," ter Woort said in the event, stressing the importance of cooperation with the EU to overcome the impacts of the coronavirus pandemic and to strengthen this sector.

Hadjitheodosiou, in turn, said: "future political priorities of the European Commission are clear, which is the transition to a green economy, digital transformation, innovation, and an economy that serves the interest of the people."

Since starting its operations in Jordan in 2012, the EBRD has provided more than 1.4 billion euros to fund 54 projects, and has supported 440 advisory projects, including more than 250 that have been funded by the EU.