Latest news with #MinistryofPlanningandInternationalCooperation
Daily News Egypt
8 hours ago
- Business
- Daily News Egypt
Local sukuk issuance planned for H1 FY26: Finance Minister
Ahmed Kouchouk, Egypt's Minister of Finance, has announced that local sukuk issuances are scheduled for the first half of the current fiscal year, as part of broader efforts to diversify financing tools and stimulate economic activity. He also revealed ongoing cooperation with the Ministry of Planning and International Cooperation to expand the scope of development financing from international partners. Speaking during a panel discussion organized by Al Ahly Pharos Securities Brokerage and moderated by the firm's Head of Research, Hany Genena, Kouchouk highlighted the government's commitment to the private sector, describing it as a key driver of Egypt's economic and financial progress. He emphasized that the government is working to build investor trust by delivering on its commitments and enhancing the competitiveness of the Egyptian economy. Kouchouk pointed to several positive indicators, including a 4.7% GDP growth rate in the third quarter of the previous fiscal year, supported by an 80% increase in private investment during the first nine months. He noted significant growth in the industrial, tourism, and ICT sectors, alongside a 30% rise in exports. Despite declines in Suez Canal and energy revenues, Egypt achieved a record primary budget surplus of 3.6% of GDP in the last fiscal year. The Minister also highlighted a more than 35% increase in tax revenues, accomplished without introducing new taxes but through policy simplifications and incentives that encouraged voluntary compliance. Encouraged by the success of the initial package of tax facilities, Kouchouk confirmed that a second package will soon be launched to deepen collaboration with the business community. This will be supported by ongoing efforts to streamline and accelerate the VAT refund process through a more integrated and efficient system. Reflecting on the strong start to the new fiscal year, the Minister reaffirmed the government's commitment to maintaining prudent fiscal policies that support growth while safeguarding financial stability. He concluded by stating that further reforms are planned to introduce innovative financing, saving, and investment instruments, as part of a comprehensive strategy to expand economic activity, reduce debt burdens, and extend the maturity profile of public debt.
Jordan News
19-06-2025
- Business
- Jordan News
Jordan and Germany Sign Three Agreements Worth €35 Million to Support Entrepreneurship - Jordan News
The Ministry of Planning and International Cooperation signed three grant agreements with the German Development Bank (KfW) with a total value of €35 million to implement the "Employment Through Entrepreneurship" project. اضافة اعلان The signing ceremony was attended by Dr. Bertram von Moltke, Ambassador of the Federal Republic of Germany to the Hashemite Kingdom of Jordan, and Matthias Schmidt-Rosen, Director of the KfW Office in Jordan, who signed the agreements on behalf of the bank. Matthias Schmidt-Rosen stated: 'Germany is firmly committed to supporting the development of the private sector in Jordan as a key driver for job creation. Through today's grant agreement, we will provide funding to micro, small, and medium-sized enterprises (MSMEs) to support their growth, enabling the creation of new, formal, and sustainable jobs, and enhancing women's economic empowerment.' Minister of Planning and International Cooperation Zeina Toukan expressed her appreciation for Germany's continuous support of Jordan's development priorities, emphasizing that this support marks another milestone in the strategic partnership between the two countries. She added: 'This new support will help empower micro, small, and medium-sized enterprises — especially those led by women — enhance the entrepreneurial ecosystem, and expand access to finance in line with the priorities of the Economic Modernization Vision.'
Ammon
19-06-2025
- Business
- Ammon
Jordan, Germany sign €35 million grant agreements to support local entrepreneurship
Ammon News - The Ministry of Planning and International Cooperation has signed three grant agreements with the German Development Bank (KfW) totaling €35 million, to implement the "Employment through Local Entrepreneurship" project. The agreements were signed in the presence of German Ambassador to Jordan Bertram von Moltke, and KfW's Country Director, Matthias Schmidt-Rosen, who represented the bank. Minister of Planning and International Cooperation Zeina Toukan expressed Jordan's appreciation for Germany's ongoing commitment to supporting national development goals. She described the grants as a meaningful step forward in the strategic partnership between the two countries. According to Toukan, the project will empower micro, small, and medium-sized enterprises (MSMEs), improve access to finance, and promote a more inclusive entrepreneurial environment, particularly by supporting women's economic participation, in line with the Kingdom's Economic Modernization Vision.
Jordan News
22-05-2025
- Business
- Jordan News
Jordan's Foreign Grants Drop by 46.2 Million Dinars in Q1 2025 - Jordan News
Foreign grants to Jordan reached 3.4 million dinars during the first quarter of 2025, a sharp decline compared to 49.6 million dinars during the same period last year, according to data from the Ministry of Finance. اضافة اعلان This marks a decrease of 46.2 million dinars, or 93.2%, compared to Q1 2024, as reported by Al Mamlaka. Despite the drop in disbursed grants, the Ministry of Planning and International Cooperation secured new pledges exceeding $2 billion in April alone, for funding key development projects through grants and loans. According to a brief report on the achievements of government ministries and institutions in April, the Ministry of Planning signed funding agreements and received commitments totaling $2.1 billion from several partners, including: The World Bank The German Development Bank (KfW) The Dutch Embassy The Arab Fund for Economic and Social Development Rise in Domestic Revenues Meanwhile, domestic revenues increased by 150 million dinars in Q1 2025, reaching 2.16 billion dinars, up from 2.01 billion during the same period last year. Tax revenues accounted for 1.582 billion dinars, distributed as follows: General sales tax: 1.076 billion dinars Income and profit tax: 419 million dinars Real estate sales tax: 24 million dinars Trade and international transaction taxes: 63 million dinars Non-tax revenues amounted to 578 million dinars for the same period. Public Debt Update Jordan's gross public debt, including debt held by the Social Security Investment Fund (SSIF), rose to 118.4% of GDP by the end of Q1 2025. However: It drops to 91.5% when excluding SSIF-held debt And further declines to 90.9% after excluding the deposit at the Central Bank earmarked for repaying the Eurobond maturing in June These developments reflect ongoing fiscal challenges and a shift toward relying more on internal revenue sources and external loan commitments rather than direct grant disbursements.
Ammon
15-05-2025
- Business
- Ammon
Norwegian Ambassador commends Jordan's role in delivering aid to Gaza
Ammon News - Norwegian Ambassador to Jordan Mona Juul affirmed her country's appreciation for the key role Jordan is playing, under the leadership of His Majesty King Abdullah II, in delivering and facilitating humanitarian aid to the Gaza Strip. On the occasion of Norway's National Day, Juul expressed deep concern over the blockade imposed by Israel on Gaza. She stressed the importance of Israel's compliance with international humanitarian law and allowing the delivery of humanitarian assistance to the Strip. She also noted that Norway has recently recognized the State of Palestine. The ambassador highlighted the strength of the relationship and partnership between the two countries across various fields, supported by the distinguished ties between the royal families. She noted that mutual visits have contributed to the development of these relations. Juul pointed to the existence of excellent cooperation, consultation, and coordination between the two countries at different levels on regional issues and matters of mutual interest. She added that despite the modest volume of trade exchange, there is a shared interest in enhancing and expanding economic cooperation. She emphasized the promising opportunities for collaboration in the renewable energy sector, noting Norway's strong and efficient companies in this field and Jordan's growing interest in developing solar and wind energy. She added that other sectors of mutual interest could include tourism and organic agriculture. According to Juul, Norway's exports to Jordan mainly consist of oil, gas, seafood, and fish, while Jordan's exports to Norway primarily include textiles and vegetables. She stated that Norway is proud to partner in the Multi-Donor Trust Fund for Growth, implemented in cooperation with the Ministry of Planning and International Cooperation and the World Bank, to provide technical support aimed at stimulating growth in Jordan's economy. Norway, she added, remains committed to supporting Jordan's economic reform program for no less than the next five years. This year, the country pledged an additional USD 2 million to this effort. Juul stressed that human rights and women's empowerment are among Norway's top priorities, both domestically and internationally. She said Norway supports the International Labour Organization's efforts in Jordan to promote gender equality, safety, and inclusion in the workplace, in addition to supporting various women's organizations and local NGOs. She indicated that Norway's total contribution to development cooperation in Jordan is expected to reach nearly USD 14 million in 2024. Of this, USD 10 million is managed by the Norwegian embassy in Amman, while the remaining USD 4 million is administered from Oslo as humanitarian aid. The ambassador praised Jordan's generosity in hosting refugees and reaffirmed Norway's commitment to providing substantial support to Syrian and Palestinian refugees. She also commended Jordan's efforts to integrate Syrian refugee children into the national education system. She noted that Norway supports double-shift schools in collaboration with the Ministry of Education and contributed approximately USD 6.5 million to support the ministry in this area last year. Petra
