Agreements signed to provide financial, technical support to 195 SMEs

AMMAN — The Ministry of Industry, Trade and Supply on Saturday announced the signing of secondary agreements with executive institutions and programmes at the Fund for Supporting and Developing Industry.

The ministry signed the agreements with the Jordan Enterprise Development Corporation (JEDCO) to implement the industry development programme, and also with Jordan Exports in order to implement promotional programmes for Jordanian exports. Agreements were also signed with the Jordan Loan Guarantee Corporation (JLGC) to implement programmes for export credit guarantees. 

Under these agreements, signed by Minister of Industry, Trade and Supply Yousef Shamali, financial and technical support will be granted to 195 small- and medium-sized enterprises (SMEs), the Jordan News Agency, Petra, reported.

The agreements aim to develop and update manufactured products, with an annual financial ceiling of JD100,000 for each facility. 

Financial grants will be granted to 160 industrial SMEs with the aim of enhancing export preparedness, with a financial ceiling of JD50,000 annually. 

The export credit guarantee programme targets 45 industrial institutions with annual financial support totalling JD35,000 for each facility.

This programme will also implement an outcome-based incentives plan. The plan will grant financial incentives to boost the competitiveness of Jordanian industries, targeting an average of 280 industrial institutions with annual ceilings of up to JD75,000, JD150,000 and JD250,000 for small, medium and large enterprises, respectively.

Shamali said that signing these agreements is part of ongoing governmental efforts to carry out programmes that support and develop the industrial sector. 

The programmes are envisioned to help increase production and enhance the competitiveness of the industrial sector in a bid to create jobs and reduce unemployment rates. 

The minister added that establishing the Fund for Supporting and Developing Industry is part of the government’s economic action priorities for 2021-2023 to increase the sector’s competitiveness locally and internationally.

In this regard, Shamali said that the government has allocated an annual sum of JD30 million, with a total allotment of JD90 million over the next three years.