JD30m to be allocated for Industry Development and Support Fund

AMMAN — Director of the Industry Development and Support Fund at the Ministry of Industry, Trade and Supply Rami Hammad on Sunday revealed that JD30 million will be allocated for the fund’s annual budget, the Jordan News Agency, Petra, reported. 

In a workshop held at the Amman Chamber of Industry (ACI), Hammad said that a platform to receive funding requests was established last November.

The fund will continue to receive applications from potential programme beneficiaries until February 28, he added, noting that the fund issues support in the form of non-repayable grants. 

Hammad briefed attendees on the fund’s programmes, one of which works to modernise industries in the Kingdom and is implemented through the Jordan Corporation for the Development of Economic Enterprises (JEDCO). 

The programme offers non-refundable grants with a ceiling of JD100,000 for each small or medium industrial establishment, and a financing rate between 50-70 per cent of the total cost of the development plan.

The second programme, an export promotion project, is implemented by the Jordan Exports Company.

The programme offers grants with a ceiling of JD50,000 for each small or medium industrial establishment, with a financing rate between 50-70 per cent of the total cost of the export promotion plan.

The third programme focuses on export credit guarantees, and will be implemented through the Jordan Loan Guarantee Corporation, Hammad said.

The programme provides financing for small, medium or large industrial establishments, with a ceiling of JD35,000 in a one year period.

The fourth programme provides financial incentives to businesses, with a ceiling of JD150,000 for small industrial establishments, JD300,000 for medium industrial establishments and JD500,000 for large industrial establishments.

Through its four planned programmes, the fund aims to support 680 industrial establishments during the first phase, and provides 4,900 job opportunities, 700 of which are allocated for women.