‘AFESD plans $750mln in support to development projects in Jordan'
AMMAN — The Arab Fund for Economic and Social Development (AFESD) is planning to allocate around $750 million to support development projects in the Kingdom over the next year, to be administered in cooperation with regional and international partners, including the World Bank and the European Investment Bank.
In remarks to the Jordan News Agency, Petra, Senior Advisor to the AFESD director-general Mirza Hassan said that the fund has shifted its developmental financing and operational restructuring policies, with Jordan selected as the 'initial incubator' of the new vision 'in culmination of the exceptional partnership that exceeded $3 billion in investments.'
'This strategy, developed over a year by a consortium of Arab and Jordanian experts, aims to convert pressing regional development challenges into sustainable investment opportunities, with a targeted emphasis on critical sectors like water, energy, and digital transformation,' he said.
Hassan explained that Jordan was chosen as the optimal starting point for this strategy, 'given its clear economic vision and its proactive engagement with recent economic, political, and administrative reforms.
"Jordan is one of AFESD's largest development partners, with over $3 billion in investments, reflecting our strong confidence in its economy," Hassan said.
The year-long restructuring process, he added, aims to transform AFESD into a more dynamic and responsive development institution, capable of addressing the evolving economic and social challenges in Arab nations.
He said that the fund's key focus in Jordan will be on the National Water Carrier project. 'The fund will also prioritise sustainable energy projects, including solar and wind power, to meet Jordan's growing energy demands.'
Investments in education and healthcare infrastructure, including school construction and hospital development, are also planned, he said, emphasising the critical role of public-private partnerships in these sectors.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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