Ammon News - The Jordan Capital and Investment Fund (JCIF), the Kingdom's largest private sector-owned investment vehicle, on Wednesday held its first general assembly and elected its board.

Launched in March this year, the JCIF was also the largest in the Kingdom's history in terms of incorporation capital at JD275 million (about $388 million).

The fund is fully owned by Jordanian banks and its board includes members from the Arab Bank, the Housing Bank for Trade and Finance, the Jordan Islamic Bank, the Arab Jordan Investment Bank, the Jordan Ahli Bank, the Jordan Kuwait Bank, in addition to Marwan Juma as an independent member. Hani Qadi was elected Chairman of the Board of Directors.

The fund aims to invest in promising Jordanian companies that have opportunities for growth, development and expansion, by pumping new investments into these companies, in a way that contributes to promoting economic growth in the Kingdom.

Qadi said that the fund will adopt clear investment selection criteria, noting that it will be supportive of sectors with a "relative weight" in the national economy.