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IFC is joining forces with Jordan’s Ministry of Planning and International Cooperation to help spur private investment in the country, increase competitiveness, and open new markets for local firms, webwire reported. 

Under three new agreements signed yesterday, IFC’s advisory team will work with the ministry to strengthen and simplify a range of legislation and introduce reforms to help private businesses trade, grow, and create jobs. This is especially important as Jordan and the Middle East recover from the economic impacts of COVID-19, according to webwire.

“Our aim is to reduce costs for businesses by rationalizing registration and licensing procedures, simplifying procedures for issuing building permits, and boosting competitiveness and exports by improving compliance with international standards,” said Nasser Shraideh, Jordan’s Minister of Planning and International Cooperation.

“Our new advisory initiatives in Jordan are focused on helping to create a more favorable, fair and competitive business environment and reduce the cost of doing business,” said Abdullah Jefri, IFC’s country manager for the Levant. “This will help generate more investment in key sectors, boost exports and job creation, and drive long-term, sustainable economic growth.”

Under the first agreement, IFC will help the Ministry of Industry, Trade and Supply undertake legal and administrative reforms to implement a single business registry system and automate licenses and permits.

Under the second agreement, IFC will help the Greater Amman Municipality simplify the licensing and monitoring system for buildings and reduce the time needed to issue construction permits. The municipality is also expected to establish a virtual one-stop-shop for the permits.

Under the third agreement, IFC will work with Jordan’s Standards and Metrology Organization to help Jordanian industrial products access international markets by supporting the modernization of national quality infrastructure in line with best international practices.

The agreements are part of IFC’s broader strategy in Jordan to boost access to finance for smaller businesses and women entrepreneurs, support entrepreneurship and the digital economy, and help narrow the infrastructure gap. The projects will be implemented in partnership with the governments of the Netherlands and Japan. In the past five years, IFC has invested over $1.4 billion in Jordan for its own account and provided advisory solutions to clients and partners across sectors.