World Bank approves $85 million in grant support for industry fund in Jordan

[17-05-2022 01:37 AM]

Ammon News -

The World Bank has approved a $85 million financing for "the Industry Support and Development Fund in Jordan" supporting project.

The financing aimed at enhancing investments and exports in the manufacturing sector by activating the role of the new Industry Support and Development Fund.

This fund is one of the Jordan's commitments undertaken within the framework of the Government's Economic Priority Program 2021-2023.

Minister of Planning and International Cooperation, Nasser Shraideh, said that the Industry Support and Development Fund is a key tool in the Government's Economic Priority Program 2021-2023. It aims to help companies in the industrial sector recover and rebuild after the Covid-19 pandemic. The fund will serve as a catalyst to encourage investment led by the private sector, as well as modernizing, developing and growing exports, which are among the main drivers of the Jordanian economy growth.

This project aims to directly support more than 500 export-oriented companies through the Fund's programs, mobilize at least an additional $17 million in private capital, support the building of effective executive mechanisms, operational capacity and strong governance, which will enable the Fund to support the desired transformation in the industrial sector in the long term.

"Jordan has largely recovered from the COVID-19 pandemic, but many sub-sectors are operating below the pre-pandemic level, and external shocks have led to high unemployment rates, particularly among women and youth. This project will complement the Integrated Support Package for Private Sector Development implemented by the World Bank and the Government of Jordan to upgrade enhanced public-private partnerships for recovery and inclusive and resilient growth," World Bank Regional Director for the Mashreq Department, Saroj Kumar Jha, said.

As for the main activities financed by the Fund, they include industry development, export growth programs, and the results-based incentive program, facilitating access to export credit insurance services as well as access to new supply chain financing products/tools.

Gender balance is on the priority list of this project, as it includes specific measures to ensure the participation of women entrepreneurs or business owners and female employees, as well as the participation of various groups of the most needy under the Fund's programs.

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