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Jordan- Gov't is working to develop, empower business environment: Minister


(MENAFN- Jordan News Agency) Amman, Nov. 14 (Petra) -- Minister of Planning and International Cooperation, Imad Fakhoury, on Tuesday, attended the Global Leadership Week held by Queen Rania Centre for Entrepreneurship at Princess Sumaya University of Technology and under the patronage of HRH Princess Sumaya.

Fakhoury said the world today entered the era of the Fourth Industrial Revolution, the revolution of ICT and globalization, a ministry statement said.

The minister noted that this is the era of creativity and speed in which products, services and jobs change continuously, as 40 per cent of the current jobs will change over the next 15 years.

"Arab societies are young, 60-70 per cent of the population are under 30 years of age, which provides our region with strategic stocks, human resources and vitality capable of carrying out developmental" according to the minister.

Fakhoury added that Jordan has stopped the decline in the business environment as its ranking improved by 15 points, and the government's work should continue in partnership with other parties to improve the business environment in order to create an enabling and stimulating business environment.

In this context, Minister Fakhoury pointed out that the government, under the directives of His Majesty King Abdullah, is working on the completion of the executive program of the Plan to Stimulate Economic Growth 2018-2022.

He added that there is a major focus in this plan that refers to the business environment and entrepreneurship, and to improve the legislative framework, especially with regard to the issuance of new laws, such as the law of small and medium enterprises, the law of movable funds to insure debts and the insolvency law and bankruptcy, on which the government is working with the Parliament during the current session.

He pointed out that "improving legislative procedures ensures that we achieve development and improve the business environment in the Kingdom by following the requirements of leadership, creativity and innovation." Fakhoury spoke about the financing agreement signed by the Ministry of Planning and International Cooperation with the World Bank for the establishment of a $50 million Innovative Startups Fund to cover the Jordanian government's contribution to the establishment of the Fund. The Central Bank of Jordan (CBJ) will contribute to the establishment of this fund by providing $48 million. The total value of the project is about $ 98 million, he added.

The Ministry of Planning and International Cooperation, through the Program for Enhancing Economic and Social Productivity, and in cooperation with the Development and Employment Fund, implemented a loan window for pilot projects with a ceiling of up to JD 100,000, in order to enable them to obtain the necessary loans to implement their pilot projects in their areas of existence and benefit from facilities related to these loans.

The Ministry has also set up a special fund to guarantee the risk of financing pilot projects through which 80 per cent of the required guarantees will be provided on these loans, in addition to opening a loan window for youth seeking jobs at a ceiling of JD15,000 with exemptions up to 30 per cent during the first three years and by Murabaha of 3 per cent.


14/11/2017 - 08:13:35 PM

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