Latest news with #Jean-ChristopheCarret
MTV Lebanon
23-05-2025
- Business
- MTV Lebanon
23 May 2025 12:24 PM Jaber to sign water supply loan agreement with World Bank
Minister of Finance Yassine Jaber is scheduled to sign a loan agreement at 1:00 pm with World Bank Regional Director Jean-Christophe Carret for the Second Greater Beirut Water Supply Project. The signing ceremony will take place at the Ministry of Finance headquarters in Downtown Beirut, in the presence of Minister of Energy and Water Joe Saddi.
Time of India
25-04-2025
- Business
- Time of India
Lebanon receives $250 mn World Bank loan to reform electricity sector
Beirut: Lebanon has signed a $250 million loan agreement with the World Bank to support critical reforms in its struggling electricity sector, according to media reports. The agreement was signed by Lebanese Finance Minister Yassine Jaber and World Bank Regional Director Jean-Christophe Carret, both describing the loan as a significant step toward improving Lebanon's power infrastructure and governance, Xinhua news agency reported. "This loan represents a strong boost to the structural reforms Lebanon is implementing in the electricity sector," Jaber said, highlighting long-delayed efforts to establish regulatory frameworks and operational oversight. Carret called the agreement a "turning point" in the World Bank's cooperation with Lebanon, noting it marks the first loan from the International Bank for Reconstruction and Development (IBRD) for the country's power sector. According to Lebanon's state-run National News Agency (NNA), the project will fund the creation of a national control centre, improvements in accounting and billing systems at the state-run utility Electricity of Lebanon , and the development of scalable solar energy farms. The first phase of solar projects is expected to generate 150 megawatts and save around $40 million annually in fuel costs. Lebanon's electricity sector has faced chronic outages, financial mismanagement, and infrastructure decay for decades, becoming a central focus of reform in the country's recovery plans. Over the past couple of years, the frequency of power outages in Lebanon has significantly increased due to the government's financial distress, which led to its inability to provide foreign currency to import fuel. Lebanon's power production earlier ranged between 1,600 and 2,000 megawatts daily, but the fuel shortage in recent years has gradually reduced production to unprecedentedly low levels. Lebanon's President Joseph Aoun and Prime Minister Nawaf Salam have vowed to work on implementing reforms and fighting corruption and decades-old mismanagement by the ruling class to get Lebanon out of an economic crisis that the World Bank has described as among world's worst since the 1850s. In Beirut, Parliament on Thursday approved a law to meet a key demand of the International Monetary Fund to remove the decades-old banking secrecy before the IMF agrees to a bailout program. --IANS int/khz
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.
Zawya
09-04-2025
- Business
- Zawya
World Bank approves $1.1bln in financing to support Jordan's economic modernisation vision
AMMAN — The World Bank Group on Tuesday has announced a new financing package worth $1.1 billion to support Jordan in achieving key objectives under the Economic Modernisation Vision (EMV). The funding aims to enhance social and economic resilience amid ongoing challenges and crises. The financing includes four specific projects designed to improve living conditions for Jordanians, the Jordan News Agency, Petra reported. The projects focus on implementing reforms for inclusive growth and job creation, supporting startups and small to medium-sized enterprises, extending social assistance and fostering a sustainable energy future to stimulate the country's economic activity. "Jordan continues to demonstrate commitment to advancing critical reforms to build a more competitive, inclusive and resilient economy," said World Bank Division Director, Middle East Department, Jean-Christophe Carret, These new programmes represent a comprehensive approach vital for achieving sustainable growth, including support for private sector investment, entrepreneurship, social protection and the energy transition." Since the launch of the EMV, Jordan has made "significant" strides in modernising its economy, fostering innovation, enhancing fiscal sustainability and broadening social protection. With a renewed emphasis on inclusion and digital transformation, the government is working to harness the potential of the private sector, aiming for tangible improvements in the lives of Jordanians. The four approved projects constitute an important milestone in the implementation of the World Bank Group's Country Partnership Framework for Jordan for 2024-2029, signifying a results-driven partnership that merges reforms with strategic investments. Minister of Planning and International Cooperation Zeina Toukan said "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 Modernisation Vision." Among the notable programmes are the $400 million Jordan Growth and Competitiveness Development Policy Financing Programme, which supports the government's efforts to unlock investment, boost exports and create economic opportunities for youth and women. The programme encompasses reforms to better the business environment, promote fair competition, broaden access to finance and streamline customs procedures. The second phase of the Innovative Startups and SMEs Fund (ISSF) 2.0 project, funded at $50 million, aims to enhance early-stage direct investment financing and stimulate private investment in high-growth startups across sectors like information and communications technology (ICT), financial technology (FinTech), health solutions technology and green technology. Building on the success of the initial phase which attracted over $240 million in private capital and created more than 2,290 jobs the second phase will leverage International Finance Corporation's (IFC) expertise in due diligence and co-investment in startups and regional venture capital funds. The forthcoming phase of the Jordan Innovative Startups Fund (JISF) is projected to attract an estimated $150 million in private capital over five years, supporting 100 startups and creating 1,500 new jobs in growth sectors for women- and youth-led businesses. The $400 million Resilient and Sustainable Social Protection Programme is designed to bolster Jordan's ability to respond to shocks while providing better support for the country's most vulnerable populations. The programme aims to expand cash assistance, improve digital service delivery and connect beneficiaries with education, healthcare and employment opportunities. It seeks to deliver cash transfers to 1.2 million vulnerable people, health insurance to around 150,000 people and services to one million people through early warning and response systems. The Electricity Sector Efficiency and Supply Reliability Programme, with $250 million in financing, will aid Jordan's clean energy transition and enhance the stability and financial sustainability of the public grid. The initiative will implement cost-saving and revenue-enhancing measures in the sector, improve energy efficiency in public institutions and strengthen cyber security in electricity transmission operations. It further supports Jordan's objective of increasing the share of renewable energy in the electricity mix to 31 per cent by 2030 while bolstering the resilience of the public grid. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
