Ammon News - The Ministry of Industry, Trade and Supply announced the launch of the electronic platform dedicated to receiving applications for benefiting from the Industry Support and Development Fund program (http://industrialfund.jo/) , which allows industrial establishments to submit applications for benefit to the concerned authorities, including all the required data regarding the facility.

The platform includes all the information about the fund, the mechanism for benefiting from it, and the necessary requirements for the purposes of benefiting from its programs, which will be implemented in cooperation with the Jordan Enterprise Development Cooperation (JEDCO), Jordan Exports (JE) and the Jordan Loan Guarantee cooperation (JLGC).

The Minister of Industry, Trade and Supply Youssef Al-Shamali said in a press statement that the first axis of the fund’s work is related to the modernization of the industry and will be implemented through JEDCO, and a non-refundable financial support will be provided to the company to which the foundations apply, with a ceiling of 100,000 dinars, for each small or medium industrial facility, with a financing rate of (50-70%) of the total cost of the development plan.

He added that the second axis of the Fund's work is concerned with export promotion and will be implemented by the JE, where a financial grant will be provided with a ceiling of 50,000 dinars for each small or medium industrial establishment, with a financing rate of (50-70%) of the total cost of the export promotion plan.

Al-Shamali indicated that the export credit guarantee program will be implemented through the JLGC and financial support will be provided to small, medium or large industrial establishments with a ceiling of 35,000 Jordanian dinars for each facility during one year.

He said that the incentives program based on outputs, according to which financial incentives will be provided to small industrial establishments with a ceiling of 150 thousand dinars, for medium ones with a ceiling of 300 thousand dinars, and for large ones with a ceiling of 500 thousand dinars in return for achieving specific targets.

The platform shows examples of the activities allowed to benefit from the financial support, in addition to the mechanism for applying to benefit from the Fund’s programs through the electronic portal (http://portal.industrialfund.jo/) through which industrial establishments will be able to submit applications for all programs and download the documents required to be attached with the demand.

The platform also includes a system for receiving proposals and complaints regarding the Fund's programs at all its stages to enhance transparency in how beneficiaries are evaluated and selected, and in the follow-up of implementation later.

It is noteworthy that the establishment of the fund came in implementation of what was stated in the government's economic work priorities program for the years (2021-2023) regarding the establishment of a fund to support and develop the industry.

The World Bank had previously agreed to provide $85 million in financing for the Industry Support and Development Fund project, which aims to boost investments and exports in the industrial sector.