Jordan, Saudi funds sign memo on railway project

(Photo: Envato Elements)
AMMAN — The Jordan Investment Fund (JIF) and the Saudi-Jordanian Investment Fund (SJIF) signed on Thursday a memorandum of understanding that enables the SJIF to invest in the Jordan National Railway Project, according to Al-Mamlaka TV.اضافة اعلان

The project proposes constructing a 418km standard-gauge railway linking the Aqaba Container Terminal with the land port of Maduna, to be established south of Amman, to transport containers, phosphates, grains, and machinery.

The memo provides a cornerstone for launching multiple proposals for various investments in the project, including consultations and discussions with investment agencies at local and international levels, in line with the size and nature of the project.

JIF Director-General Zaher Al-Qatarneh expressed his appreciation to the SJIF for its continuous interest in the infrastructure and development projects in Jordan, stressing that the Jordan National Railway Project is a priority for the government since it would enhance the transportation system and achieve sustainable development in the sector.

The SJIF was registered in March 2017 as a partnership between the Public Investment Fund in Saudi Arabia and 16 commercial and Islamic Jordanian banks. The Saudi fund contributes 92 percent of the SJIF’s capital.

The three main pillars of the SJIF include infrastructure projects based on public-private partnerships; new projects in strategic sectors, especially health care and tourism; in addition to expansionary capital investments in major and innovative Jordanian companies.

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