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Ammon News - A Cabinet session held Wednesday, headed by Prime Minister, Dr. Bishr Khasawneh, approved the mandating reasons for the draft Public-Private Partnership Projects Law for 2023, and begin necessary procedures to issue it in accordance with the rules.

The draft law comes in line with the implementation of Economic Modernization Vision (EMV), aimed to creating a "stimulating" investment environment for building partnerships with the private sector.

This bill seeks to benefit from private sector's technical expertise in establishing projects in infrastructure and public utilities, providing and improving services, and maximizing productivity, which would contribute to promoting Jordan's economic growth and sustainable social development.

In addition, the draft aims to create an "effective" institutional framework and "clear, simple and transparent" procedures, in accordance with good governance principles, to qualify, select and implement projects that provide citizens with "distinguished" services, and achieve balance in relation to the projected cost and the targeted benefit with "optimal efficiency and adequacy."

According to the draft law, Ministry of Investment is the main reference authority for managing stages of partnership projects and issuing their tenders, in coordination with the relevant government institutions.

As per the draft, a unit for public-private partnership projects will also be established under the ministry's umbrella, with defining its tasks and powers during the partnership projects' stages.

The draft seeks to provide a "sustainable" financing mechanism for spending on preparing and tendering partnership projects, and identifying and running financial obligations and their long-term effects, directly or indirectly, on the public budget.

This process eyes to ensure development and implementation of partnership projects and follow-up monitoring of government support necessary in this regard.

The Council of Ministers also decided to approve the validating reasons for a draft bylaw for Association of Banks in Jordan (ABJ) Regulations for 2023, aimed at giving the elected Board of Directors "sufficient" opportunity to follow up and implement plans and programs set to serve the banking sector, by increasing the Board's term to four years instead of three.

The system comes in line with best practices in organizations and bodies of similar nature.

On the other hand, the Cabinet approved recommendations of the Settlement and Reconciliation Committee to settle the tax status of 790 companies and taxpayers.