The Jordanian Innovative Startups and SMEs Fund (ISSF) exceeded most of its operational and investment targets during its first phase, mobilizing nearly $109 million in private capital against a target of $71.5 million, while 180 companies received funding compared with a target of 150.
اضافة اعلان
According to a review by the World Bank’s Independent Evaluation Group of the project completion report, monitored by Al-Mamlaka, the project achieved or exceeded all output indicators except one. The group rated the project’s overall outcome as “satisfactory.”
The project aimed to increase early-stage private equity financing for innovative small and medium-sized enterprises in Jordan. It operated through direct and indirect investments while supporting companies through accelerators, incubators, investment-readiness programs and business development services.
A total of 83 companies received venture capital financing, exceeding the target of 70. Meanwhile, 74 companies received early-stage and seed financing, compared with a target of 80, making this the only output indicator that fell short of its target.
Women-led companies accounted for 26% of venture capital funding beneficiaries, exceeding the 25% target, while youth-led companies accounted for 43%, compared with a target of 20%.
The number of financial intermediaries receiving funding through the ISSF project reached 22, more than double the target of 10. This included 10 venture capital intermediaries against a target of six, and 12 early-stage and seed-stage intermediaries compared with a target of four.
Meanwhile, 712 companies benefited from investment-readiness and business development services, exceeding the target of 675. A further 317 beneficiaries received acceleration services, compared with a target of 150.
$109 Million in Private Capital Mobilized
Private capital mobilized through August 2025 reached approximately $108.9 million, compared with a target of $71.5 million, exceeding the target by around 50%.
The mobilized capital comprised $55.7 million for early-stage and seed financing, compared with a target of $14.5 million, and $53.3 million in venture capital against a target of $57 million.
Data through December 2025 showed that nearly two-thirds of the financing received by companies went to businesses in their early stages, including pre-seed, seed and Series A funding.
The report also highlighted additional results that were not included in the original targets. Fund data showed that the project supported the creation of 2,624 full-time jobs, with average wages equivalent to 3.5 times the national average.
Three companies backed by the fund also completed successful exits, generating a 1.56x multiple on invested capital. Meanwhile, the number of fund managers operating in Jordan increased from five to 17 during the project period.
World Bank Funding Fully Disbursed
The project was originally estimated to cost $63.875 million, including $50 million from the World Bank and $13.875 million from the Central Bank of Jordan.
At project closure, actual costs stood at $58.74 million, comprising the full disbursement of the World Bank’s $50 million contribution and $8.74 million from the Central Bank of Jordan.
Actual spending included $48.37 million for the equity and quasi-equity financing program, $4.58 million to support deal-flow development, and $5.66 million for project management, coordination, monitoring and evaluation.
The report noted that the figures at closure reflect amounts disbursed under the project. Meanwhile, the fund had disbursed approximately $67 million by February 2026, in addition to $27.2 million in investment commitments to funds, with subsequent disbursements to be made through capital calls.
The Central Bank of Jordan had committed to contributing $48 million over the lifetime of the fund. Its contribution stood at $28.9 million at project closure, followed by an additional $19.1 million after closure.
Source: Al-Mamlaka
