Government to repay debts to Social Security, Fund’s assets reach JD14.3b

Social Security Investment Fund. (File photo: Jordan News)
AMMAN — The president of the social security investment fund, Ezzeddin Kanakrieh, stated on Tuesday that the government is committed to repaying its debts to the fund on schedule without any delays.اضافة اعلان

During a meeting with the parliamentary administrative committee and representatives from the Social Security Investment Fund, Kanakrieh added that the fund's direct investments provide approximately 6,500 high-quality job opportunities for Jordanians in various sectors. Additionally, indirect investments create over 100,000 direct job opportunities, along with indirect employment opportunities in sectors related to those investments. Kanakrieh affirmed that the fund's investments are geographically distributed across the different provinces of the kingdom, Ammon News reported.

The fund’s assets
Kanakrieh mentioned that the fund's assets reached approximately JD14.3 billion at the end of the Q2 2023, compared to JD13.8 billion last year, indicating a growth rate of about 4 percent. He added that the net income generated from various investment instruments increased by about 20 percent to reach JD447 million at the end of the Q2 this year, compared to JD371 million for the same period last year.

He explained that this increase primarily came from the bond portfolio valued at JD231 million, the stock portfolio valued at JD146.5 million, and the money market instruments portfolio valued at JD56.6 million, in addition to returns from loan portfolios and real estate investments.

Regarding future projects, Kanakrieh emphasized the importance of having financial and technical investors to establish major projects in partnership with the fund. He outlined several projects planned for the next phase, including establishing a four-star hotel in the vicinity of the InterContinental Aqaba Hotel, as well as exploring development opportunities for Social Security-owned land in Aqaba to create new tourist, entertainment, and commercial projects that cater to tourists' aspirations.

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