EBRD commits over $100M to boost Jordan's economy in 2024

Jurgen Rigterink
(File photo: Jordan News)
AMMAN — The European Bank for Reconstruction and Development (EBRD) has announced its commitment to invest over $100 million in new projects for 2024 to bolster Jordan's economic growth, as per Al-Mamlaka TV. These funds, allocated across diverse sectors, aim to foster job creation and combat unemployment in the Kingdom.اضافة اعلان

The First Vice President of EBRD,Jürgen Rigterink affirmed the significance of Jordan for the bank, highlighting its stability amidst regional challenges. Rigterink stated, "Despite what is happening in the region, Jordan remains an island of stability within its surroundings, with relatively stable economic growth of at least three percent, and low inflation compared to similar economies, making it an attractive country for investment." He also expressed confidence that this growth trend would continue into 2024.

Rigterink noted that EBRD has been investing in Jordan for over a decade, with funding exceeding $2.1 billion across 71 projects. These investments focus on promoting green initiatives, infrastructure reform, private sector growth, and enhancing inclusion and job creation.

Regarding plans for 2024, Rigterink mentioned that EBRD is aiming for a substantial increase in investments, highlighting ongoing collaborations with the private financial sector, including partnerships with three banks and one microfinance institution. Rigterink also outlined major projects in real estate, tourism, and Aqaba, including initiatives such as financing for 50 electric buses and a solid waste management project.

He emphasized that EBRD's support extends to small and medium-sized enterprises (SMEs), providing financing, project support, and advisory services to over 100 companies and entrepreneurs in Jordan.

However, Rigterink cautioned about the negative impact of Israel’s war on Gaza on regional economies, including Jordan, which has delayed several private sector investments. He stressed the importance of a ceasefire to mitigate economic setbacks.

Touching on the Economic Modernization Vision (EMV), Rigterink underscored its significance and EBRD's commitment to supporting its implementation. He discussed enhancing investment laws, increasing public-private sector partnerships, and digital transformation as key aspects of the vision.

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