Ammon News - The World Bank is considering financing a new project in Jordan with an estimated value of $400 million, with the aim of stimulating economic growth and creating sustainable job opportunities led by the private sector.

According to project data reported by Al-Mamlaka channel, the project is expected to be approved by the end of March 2025, as part of ongoing efforts to support the Jordanian economy and enhance its ability to attract investments.

The project comes at a time when Jordan is facing economic difficulties resulting from a slowdown in growth rates and unemployment rates, especially among youth and women, in light of a small and open economy affected by external shocks and geopolitical tensions in the region, according to the bank’s data.

Despite the Kingdom's success in maintaining its economic stability over the past years, growth rates did not reach a sufficient level to accommodate the population increase, which led to a shortage of highly productive job opportunities, the data added.

The Department of Statistics (DoS) indicated that Jordan's economic growth accelerated in the third quarter of last year by 2.6%, after it declined due to the impact of the war on Gaza and Lebanon on key sectors such as tourism and transportation.

In its Global Economic Prospects report, the World Bank expected that Jordan's economy would grow by 2.6% during the current and next two years, raising its expectations for the year 2024, after the bank's growth estimates were at 2.4%.