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Ammon News - The World Bank has verified that the Industrial Support and Development Program is progressing well, with over 900 companies being considered for approval in the project's second round.

As per the project evaluation report, the initial phase of all four programs under the Industrial Support and Development Fund is considered "finished," with the majority of the project's outcome indicators surpassing their goals or being on track to meet them.

The government created the Industry Support and Development Fund as outlined in the economic work priorities program for 2021-2023, under Fund System No. The decree of 2022 was released in accordance with the regulations of Article (114) of the Jordanian Constitution and its 1952 amendments.

In May 2022, the World Bank approved an $85 million loan for Jordan to support the Industrial Development Fund, benefiting over 500 companies. $20.3 million has been disbursed with $64.7 million still allocated for the project, set to finish in June 2025.

As per Al-Mamlaka Channel, the project's goal is to assist industrial companies in speeding up and expanding their exports by backing the Industrial Development Fund and executing its programs. It consists of various programs such as the Output-Based Incentive Guarantee Program, the Industry Modernization Program, the Export Promotion Program, and the Export Credit Guarantee Program.

Approximately 42 million dinars will be allocated for over 330 industrial establishments in the Fund's programs second round, distributed as non-refundable funds in the form of incentives, grants, and guarantees.

The final results of the second round are expected to be announced by the World Bank in November. It is anticipated that beneficiary companies will see an average annual export value increase of over 122%, a private investment increase of more than $21 million, and 23 companies enhancing their resource efficiency. Moreover, female employment in participating companies saw a significant 125% increase.

1,400 applications were submitted through the platform for the first phase of all four Fund programs in 2023, with agreements worth 45 million and 168 thousand dinars signed for 395 industrial establishments, making up 50.2% of the total financial allocations of 90 million dinars for the programs.

The goal of the Fund is to help reduce the expenses of production and other costs faced by the domestic industry, thereby improving its ability to compete in new markets, which aligns with the region's return to relative peace and stability. The goal is also to broaden the sources of income for the country, create jobs, reduce poverty and unemployment, boost exports and sales, and generate more employment opportunities, all while helping to increase GDP growth rates.