AMMAN — Jordanian banks have come together to create a
JD275-million investment fund, the largest investment instrument owned by the
private sector in the Kingdom’s history.
اضافة اعلان
The Jordan Capital and Investment Fund, fully-owned by local
banks, was launched on Tuesday as the largest in terms of incorporation
capital.
According to Chairman of the Association of Banks in Jordan
(ABJ) Hani Qadi, the rationale behind the inception of this company is driven
by the need to stimulate local investment and empower local companies to
capitalize on post-COVID opportunities in areas of food manufacturing,
pharmaceutical and chemical industries, and ICT, among other promising sectors.
Qadi explained during Tuesday’s launch that the fund will
have two investment arms; the first is the “Jordan Capital and Investment Fund
Company”, in which commercial banks would invest, and the second is the “Jordan
Islamic Capital and Investment Fund Company”, in which Sharia-compliant banks
would invest.
The fund, which was launched under the aegis of Prime
Minister Bisher Khasawneh, is designed to inject fresh investments and capital
in promising Jordanian companies that have prospects for growth, development
and expansion, according to Qadi.
During the virtual launch of the fund, Khasawneh emphasized
the government’s firm approach to take the necessary decisions to remove
obstacles to national and foreign investment and continue attracting foreign
capital by improving the business environment in the Kingdom.
The stakeholders in the Jordan Capital and Investment Fund
Company include the Arab Bank, the Housing Bank for Trade and Finance, the
Jordan Kuwait Bank, Bank Al Etihad, Jordan Ahli Bank, Bank of Jordan, Cairo
Amman Bank, Arab Jordan Investment Bank, Capital Bank, Jordan Commercial Bank,
Societe Generale De Banque Jordan, Bank ABC Jordan, Invest Bank, and the
Egyptian Arab Land Bank.
As for the other investment arm, the Jordan Islamic Capital
and Investment Fund Company, the Jordan Islamic Bank, Islamic International
Arab Bank, and Safwa Bank are the main stakeholders, according to Qadi.
He indicated that both companies will establish an
investment management company called “the Jordan Capital and Investment Fund
Management Company” which, according to Qadi, will apply the highest standards
of professionalism, independence, and good governance.
In addition to providing a funding window, Qadi said the
company will support local enterprises by offering expertise and will help open
up new markets for them.
He also stressed that the company will strive to diversify
its investment portfolio to cover the largest possible number of sectors with a
real competitive advantage, by setting ceilings for the volume of investment in
each sector.
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