Latest news with #ISSF2.0
Zawya
28-04-2025
- Business
- Zawya
Jordan, World Bank sign 3 agreements worth $850mln to support growth, social protection
AMMAN — Jordan and the World Bank on Friday signed three new project agreements worth $850 million on the sidelines of the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund. The agreements aim to support private sector-led economic growth, boost the social protection system, and expand opportunities for innovation. The signing ceremony was attended by Minister of Planning and International Cooperation Zeina Toukan, World Bank Vice President for the Middle East and North Africa Ousmane Dione, and World Bank Regional Director for the Middle East Department Jean-Christophe Carret. Both sides reiterated the 'deep' partnership between Jordan and the World Bank, stressing their commitment to achieving tangible and inclusive results. The three projects signed mark a 'pivotal milestone' in Jordan's reform agenda as they seek to expand social protection coverage, improve the delivery of digital services, support start-ups, enhance early-stage financing, stimulate private sector-driven growth, and contribute to job creation. Earlier, on April 8, the World Bank Group announced $1.1 billion in new financing to support Jordan's efforts to achieve the objectives of its Economic Modernisation Vision and build greater resilience on social and economic fronts in the face of ongoing shocks and crises. The investments include initiatives aimed at improving citizens' living conditions by advancing reforms that promote inclusive growth and job creation, supporting startups and small and medium-sized enterprises, expanding social assistance programmes, and fostering a more sustainable future in the energy sector to stimulate economic activity across the country. The Development Policy Financing for Growth and Competitiveness Programme, valued at $400 million, will support the government's initiatives to unlock investment opportunities, boost exports, and create more economic prospects, particularly for youth and women. The second phase of the Jordanian Innovation Start-ups Fund (ISSF 2.0), worth $50 million, will focus on scaling up early-stage direct investments and encouraging private investment in high-growth start-ups within key sectors. Meanwhile, the Resilient and Sustainable Social Protection Programme, with $400 million in funding, aims to boost Jordan's capacity to respond to shocks while improving the support provided to the most vulnerable groups in society. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Zawya
10-04-2025
- Business
- Zawya
Jordan, World Bank deepen partnership for private sector-led growth
AMMAN — The World Bank Group has approved $1.1 billion in new financing to support Jordan to achieve results on its Economic Modernisation Vision (EMV), and build socio-economic resilience in the face of continued shocks and crises. Investments span four projects aimed to positively impact people's lives by promoting reforms for inclusive growth and job creation, supporting startups and small and medium enterprises, expanding social assistance, and promoting a more sustainable energy future to fuel Jordan's economy, according to a World Bank statement. 'Jordan continues to demonstrate commitment to advancing critical reforms to build a more competitive, inclusive, and resilient economy,' Jean-Christophe Carret, World Bank Division Director, Middle East Department, was quoted in the statement as saying. 'These new programmes reflect a comprehensive approach, supporting private sector-led investment, entrepreneurship, social protection, and energy transition, which is critical to achieving sustainable growth,' Carret added. Since the launch of the EMV, the Kingdom has taken steps to modernise its economy, promote innovation, strengthen fiscal sustainability, and expand social protection. With a focus on inclusion and digitalisation, the government is working to unlock private sector potential and deliver tangible improvements in people's lives across the country. The newly approved projects mark a 'significant' milestone in the implementation of the World Bank Group's Country Partnership Framework for Jordan 2024-2029, reflecting a results-driven partnership that combines reforms with strategic investments. 'This new financing reflects our continued partnership with the World Bank to promote economic opportunities, enhance social protection, and strengthen Jordan's innovation and clean energy agenda as per the development priorities under the Economic Modernization Vision,' said Minister of Planning and International Cooperation Zeina Toukan. The Jordan Growth and Competitiveness Development Policy Financing ($400 million) will support the government's efforts to unlock investment, boost exports, and strengthen job creation - particularly for youth and women. The programme backs reforms to improve the business environment, promote fair competition, expand access to finance and further enhance customs procedures. The Innovative Startups and SMEs Fund (ISSF 2.0) ($50 million), aims to expand early-stage equity financing and catalyse private investment in high-growth startups in key sectors such as ICT, fintech, greentech, and healthtech. Building on ISSF 1.0, which mobilised over $240 million in private capital and created more than 2,290 jobs, the project will also draw on IFC's expertise in due diligence and co-investments in startups and regional venture capital funds. Over five years, ISSF 2.0 is expected to mobilise an estimated $150 million in private capital, support 100 startups and create 1,500 new jobs in high-growth sectors, particularly for women- and youth-led businesses. The Resilient and Sustainable Social Protection Programme ($400 million) aims to strengthen Jordan's ability to respond to shocks, while improving support to the most vulnerable. The programme expands cash-based assistance, enhances digital service delivery, and links social protection with access to education and healthcare services, and jobs. It aims to support 1.2 million vulnerable individuals through cash transfers, provide health insurance to 150,000 people and deliver services to 1 million individuals through early warning and response systems. The Additional Financing for the Electricity Sector Efficiency and Supply Reliability Programme ($250 million) scales up support to Jordan's clean energy transition while improving grid stability and financial sustainability. The programme will roll out additional cost savings and revenue enhancement measures in the sector, expand energy efficiency in public institutions and strengthen cybersecurity in transmission operations. The programme also supports the Kingdom's target of increasing the share of renewable energy in Jordan's electricity mix to 31 per cent by 2030, while enhancing grid resilience. The World Bank's 'growing' engagement in Jordan reflects a 'trusted and evolving' partnership anchored in shared priorities and a 'strong' commitment to delivery. Through integrated, multi-sectoral support, the World Bank aims to support Jordan as it navigates regional pressures, promotes inclusive development and delivers on the promise of the country's EMV. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
09-04-2025
- Business
- Jordan Times
Jordan, World Bank deepen partnership for private sector-led growth
AMMAN — The World Bank Group has approved $1.1 billion in new financing to support Jordan to achieve results on its Economic Modernisation Vision (EMV), and build socio-economic resilience in the face of continued shocks and crises. Investments span four projects aimed to positively impact people's lives by promoting reforms for inclusive growth and job creation, supporting startups and small and medium enterprises, expanding social assistance, and promoting a more sustainable energy future to fuel Jordan's economy, according to a World Bank statement. 'Jordan continues to demonstrate commitment to advancing critical reforms to build a more competitive, inclusive, and resilient economy,' Jean-Christophe Carret, World Bank Division Director, Middle East Department, was quoted in the statement as saying. 'These new programmes reflect a comprehensive approach, supporting private sector-led investment, entrepreneurship, social protection, and energy transition, which is critical to achieving sustainable growth,' Carret added. Since the launch of the EMV, the Kingdom has taken steps to modernise its economy, promote innovation, strengthen fiscal sustainability, and expand social protection. With a focus on inclusion and digitalisation, the government is working to unlock private sector potential and deliver tangible improvements in people's lives across the country. The newly approved projects mark a 'significant' milestone in the implementation of the World Bank Group's Country Partnership Framework for Jordan 2024-2029, reflecting a results-driven partnership that combines reforms with strategic investments. 'This new financing reflects our continued partnership with the World Bank to promote economic opportunities, enhance social protection, and strengthen Jordan's innovation and clean energy agenda as per the development priorities under the Economic Modernization Vision,' said Minister of Planning and International Cooperation Zeina Toukan. The Jordan Growth and Competitiveness Development Policy Financing ($400 million) will support the government's efforts to unlock investment, boost exports, and strengthen job creation - particularly for youth and women. The programme backs reforms to improve the business environment, promote fair competition, expand access to finance and further enhance customs procedures. The Innovative Startups and SMEs Fund (ISSF 2.0) ($50 million), aims to expand early-stage equity financing and catalyse private investment in high-growth startups in key sectors such as ICT, fintech, greentech, and healthtech. Building on ISSF 1.0, which mobilised over $240 million in private capital and created more than 2,290 jobs, the project will also draw on IFC's expertise in due diligence and co-investments in startups and regional venture capital funds. Over five years, ISSF 2.0 is expected to mobilise an estimated $150 million in private capital, support 100 startups and create 1,500 new jobs in high-growth sectors, particularly for women- and youth-led businesses. The Resilient and Sustainable Social Protection Programme ($400 million) aims to strengthen Jordan's ability to respond to shocks, while improving support to the most vulnerable. The programme expands cash-based assistance, enhances digital service delivery, and links social protection with access to education and healthcare services, and jobs. It aims to support 1.2 million vulnerable individuals through cash transfers, provide health insurance to 150,000 people and deliver services to 1 million individuals through early warning and response systems. The Additional Financing for the Electricity Sector Efficiency and Supply Reliability Programme ($250 million) scales up support to Jordan's clean energy transition while improving grid stability and financial sustainability. The programme will roll out additional cost savings and revenue enhancement measures in the sector, expand energy efficiency in public institutions and strengthen cybersecurity in transmission operations. The programme also supports the Kingdom's target of increasing the share of renewable energy in Jordan's electricity mix to 31 per cent by 2030, while enhancing grid resilience. The World Bank's 'growing' engagement in Jordan reflects a 'trusted and evolving' partnership anchored in shared priorities and a 'strong' commitment to delivery. Through integrated, multi-sectoral support, the World Bank aims to support Jordan as it navigates regional pressures, promotes inclusive development and delivers on the promise of the country's EMV.
