Latest news with #MiddleEastDepartment
National News
15-04-2025
- Politics
- National News
PM Nawaf Salam discusses Spring meetings and preparations for the reconstruction project with WB's Carré
NNA - Prime Minister, Dr. Nawaf Salam, on Tuesday received at the Grand Serail, the World Bank Country Director for the Middle East Department, Jean-Christophe Carré. Carré announced that the meeting focused on the International Monetary Fund's Spring Meetings in Washington next week and preparations underway to hold a roundtable to raise funds for the infrastructure reconstruction project in the affected areas.
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.
Roya News
08-04-2025
- Business
- Roya News
World Bank to fund $1.1 billion for Jordan's economic growth
The World Bank has announced a new USD 1.1 billion funding package to support Jordan in achieving its economic modernization goals. The funding will support four key projects aimed at improving living conditions for citizens through reforms designed to promote inclusive growth, create job opportunities, support startups and small- and medium-sized businesses, expand social safety nets, and enhance a more sustainable energy future to stimulate economic activity in the country. Jean-Christophe Carre, the World Bank Country Director for the Middle East Department, emphasized Jordan's continued commitment to vital reforms that foster a competitive and resilient economy, saying the new programs reflect an approach to achieve sustainable growth, with support for private sector-led investment, entrepreneurship, social protection, and energy transition. Since launching its Economic Modernization Vision, Jordan has made significant strides in updating its economy, promoting innovation, enhancing fiscal sustainability, and expanding social protection. The recently approved projects represent a significant milestone in the implementation of the World Bank-Jordan Strategic Partnership Framework for 2024-2029, marking a results-oriented partnership focused on reforms and strategic investments. Minister of Planning and International Cooperation, Zeina Toukan, stated, "This new financing reflects ongoing cooperation and partnership with the World Bank to enhance economic opportunities, social protection, innovation, and clean energy agendas in Jordan as part of the Economic Modernization Vision." The development policy financing program (worth USD 400 million) will assist the government in launching investments, boosting exports, and creating economic opportunities, particularly for youth and women. The program will support reforms to improve the business environment, enhance competition, expand access to financial resources, and streamline customs procedures. The second phase of the Jordanian Innovation Fund (ISSF 2.0) (USD 50 million) aims to expand direct investment funding in early-stage companies and stimulate private investment in high-growth startups in key sectors such as ICT, fintech, healthtech, and green tech. Building on the first phase, which attracted over USD 240 million in private capital and created over 2,290 jobs, the second phase is expected to raise approximately USD 150 million in private capital over five years, supporting 100 startups and generating 1,500 new jobs, particularly in women- and youth-led businesses. The Resilient and Sustainable Social Protection Program (USD 400 million) aims to enhance Jordan's ability to respond to shocks and improve support for the most vulnerable populations. The program will expand cash transfers, improve digital service delivery, and connect social protection beneficiaries to education, healthcare, and employment opportunities. Additionally, the USD 250 million supplementary funding for the Electricity Sector Efficiency and Reliability Program will support Jordan's transition to clean energy, improve the stability of the national grid, and enhance financial sustainability. The program will introduce measures to reduce costs, increase revenue in the sector, improve energy efficiency in public institutions, and bolster cybersecurity in electricity transmission operations.
Roya News
10-02-2025
- Business
- Roya News
Ministry of Education launches $400 million reform program
The Minister of Education, Azmi Mahafzah, reaffirmed on Monday Jordan's dedication to educational modernization and administrative reform as foundational elements for economic growth and social progress for future generations. This commitment was expressed during the official launch of a program funded by the World Bank with a budget of USD 400 million. The program aims to enhance the efficiency of educational management, improve service quality, and raise educational outcomes in alignment with Jordan's Economic Modernization Vision (EMV). It focuses on reforming administrative policies, strengthening governance, enhancing accountability mechanisms, and increasing investment in human capital to ensure sustainable results. Mahafzah emphasized that education lies at the heart of the EMV, highlighting Jordan's investment in early education and vocational training to cultivate a skilled workforce capable of competing in the global economy. He outlined the program's key components, including improving early childhood education, equipping students with essential skills for a seamless transition to the job market, and supporting institutional reform to enhance the efficiency of the educational system. A significant goal of the program is to create educational opportunities for a large number of children and youth, including enrolling 25,000 students in kindergarten, achieving quality standards in 4,200 classrooms, and graduating 50,000 students from vocational education and training programs. Additionally, 70 percent of teachers and school leaders will be hired through a new competency-based selection process. In support of this initiative, Jean-Christophe Carret, the World Bank Country Director for the Middle East Department, affirmed the organization's commitment to this crucial program, stating that it contributes to developing a more advanced and flexible educational system while empowering youth and women in the economic growth process.
