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IFC’s Amman office becomes regional hub

By JT - Aug 03,2023 - Last updated at Aug 03,2023

Minister of Digital Economy and Entrepreneurship Ahmad Hanandeh and IFC Managing Director Makhtar Diop. Right: IFC Regional Director Khawaja Aftab Ahmed (Photos courtesy of IFC)

AMMAN — The International Finance Corporation (IFC) is expanding its office in Amman into a regional hub for the Middle East, Pakistan, and Afghanistan. 

This increased representation intends to help cement Jordan’s strategic role in the region and, at the same time, advance public-private partnerships (PPPs) in sustainable infrastructure and projects that address climate change and water scarcity, promote financial inclusion, and nurture Jordan’s thriving entrepreneurial ecosystem, according to an IFC statement.

IFC’s Managing Director Makhtar Diop announced the expansion alongside Jordan’s Minister of Planning and International Cooperation and Governor of the World Bank, Zeina Toukan. The announcement marks a key milestone in IFC’s commitment to support Jordan and its ambitious new economic modernisation vision, which aims to double the country’s gross domestic product to $82 billion by 2033, attract $42 billion in investment and create one million new jobs. 

IFC’s regional hub serves 15 countries and is the base for IFC’s senior regional management covering investments and advisory services in key sectors including manufacturing, infrastructure, PPPs and financial services.

“For half a century, IFC has been a steadfast partner of Jordan, playing a pivotal role in bolstering the country's private sector through strategic investments, providing crucial advisory services to the government, and introducing many firsts, including the first PPP airport, the first green bond and the first wind farm project. We are determined to do more to help the country implement key reforms addressing critical challenges such as water scarcity, climate change, and job creation,” said Diop.

During his mission to the country, Diop signed a collaboration agreement with the Greater Amman Municipality and the Ministry of Planning and International Cooperation to scale up certified green buildings in Jordan by addressing regulatory shortcomings, designing an incentives scheme for the government, and partnering with Jordanian universities to introduce a green curriculum for engineers. The agreement will be delivered in partnership with the Kingdom of the Netherlands. 

Moving forward, IFC, in collaboration with the International Bank for Reconstruction and Development (IBRD), will intensify efforts to create a supportive business environment, with a focus on empowering women, fostering entrepreneurship, investing in skills development and paving the way for a greener economy. IFC is also collaborating with the government to further develop a pipeline of PPPs in social and transport sectors. 

Over the past decade, IFC has doubled its investments in the country and mobilised over $1.6 billion. With an investment portfolio worth more than a $500 million, Jordan represents IFC’s second-largest portfolio in the Middle East, Pakistan and Afghanistan region.


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