Fakhoury attends Global Leadership Week

AMMAN — Minister of Planning and International Cooperation Imad Fakhoury on Tuesday attended the Global Leadership Week held by the Queen Rania Centre for Entrepreneurship at Princess Sumaya University of Technology (PSUT) under the patronage of HRH Princess Sumaya.

Fakhoury said that the world has stepped into the era of the Fourth Industrial Revolution, the revolution of ICT and globalisation, a Planning Ministry statement said.

He noted that it is now a time for creativity and speed in which products, services and jobs change constantly. 

“Arab societies are young, 60-70 per cent of the population are under 30 years of age, which provides our region with human resources and the energy to carry out development,” the minister said.

Fakhoury noted that Jordan has stopped the economic decline, with its ranking in business environment attractiveness having improved by 15 points according to the latest figures. He called on all parties to continue working in partnership with the government to improve and stimulate the business environment. 

In this context, Fakhoury pointed out that the government, under the directives of His Majesty King Abdullah, is working on the completion of the executive programme of the Plan to Stimulate Economic Growth 2018-2022, which includes a major focus on both business environment and entrepreneurship, the statement said. 

He pointed out that improving legislative procedures ensures achieving development and enhancing business environment in the Kingdom.

Fakhoury referred to the financing agreement signed by the ministry and 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  will contribute to the establishment of this fund by providing $ 48 million; the total value of the project is about $ 98 million, according to the statement.

The Ministry of Planning and International Cooperation, through the Programme for Enhancing Economic and Social Productivity, and in cooperation with the Development and Employment Fund, has implemented a loan window for pilot projects with a ceiling of up to JD100,000 in order to enable them obtain the necessary loans to implement their pilot projects in their areas of existence and benefit from the 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 3 per cent.