557 small-scale projects received support from Planning ministry in 2020

AMMAN — The Ministry of Planning on Sunday announced that a total of 557 small-scale projects were financed by the Enhancing Economic and Social Productivity Programme at the ministry throughout 2020, the Jordan News Agency, Petra, reported.

The ministry said  that the projects included local community organisations such as charity organisations, volunteer and women's organisations, as well as pioneering projects and small production projects for retired military personnel.

Technical and advisory support services and economic feasibility studies were provided to 800 projects through the ERADA programme, the ministry added.

The ministry indicated that the size of funding for the 2020 Programme for Enhancing Economic and Social Productivity amounted to JD6.2 million.

In regard to the role of the Ministry of Planning in supporting the owners of small projects affected by the coronavirus pandemic, the ministry said that it had previously signed a loan agreement with the Islamic Development Bank of $10 million, and a non-refundable grant of $130,000, to contribute to financing small- and medium-sized enterprises hit by the pandemic.

The government will use the Islamic Development Bank’s contribution to finance the Tourism Risks Fund in accordance with instructions and conditions decided by the Ministry of Tourism and Antiquities, as a result of the tourism sector emerging among the sectors most affected by the pandemic.

In an agreement signed with the Jordanian government, the Central Bank's programme to support companies, micro-projects, craftspeople and self-employed individuals, through a facilitated financing agreement with the Arab Fund for Economic and Social Development, provides funds with a value of about $100 million to mitigate the effects of the pandemic.

Accordingly, an amount of $70 million is provided to commercial banks to be loaned back to small- and medium-sized enterprises, as well as an amount of $30 million be loaned back to microfinance companies.

The said loans will be given with low-interest rates, the ministry noted.