Latest news with #economicmodernization
Zawya
19-05-2025
- Business
- Zawya
Jordan secures over $2bln for development projects — ministry
AMMAN — Jordan has secured more than $2.1 billion in grants and concessional loans to fund a number of high-impact national development projects, the Ministry of Planning and International Cooperation announced on Monday. According to a government performance report released by the Ministry of Government Communication, the financing agreements were finalised in April with major international partners, including the World Bank, Germany's KfW Development Bank, the Embassy of the Netherlands, and the Arab Fund for Economic and Social Development (AFESD). The funds are intended to support Jordan's economic modernisation programme, enhance infrastructure, and strengthen social safety nets, the ministry said. Agreements signed with the World Bank total $1.1 billion and target initiatives that stimulate economic growth, promote start-ups and small- and medium-sized enterprises (SMEs), expand social protection, and improve the reliability of the Kingdom's electricity supply, Al Mamlaka TV reported. A key component includes a $400 million Development Policy Loan aimed at improving competitiveness, boosting exports, and increasing employment opportunities, particularly for youth and women. Another $400 million will support the Resilient and Sustainable Social Protection Programme, designed to strengthen the country's response to economic shocks and protect vulnerable populations. Additionally, the second phase of the Jordan Entrepreneurship Fund, with a $50 million investment, will support high-growth start-ups in sectors such as ICT, fintech, green tech, and health tech. A further $250 million is allocated to enhance the efficiency and financial sustainability of the electricity sector, part of Jordan's transition to cleaner energy sources. The ministry also signed a 200 million euro ($215 million) loan agreement with KfW to support the Kingdom's economic modernisation vision. The German development bank described the funding as 'unconditional financial credit' offered at a pivotal time for Jordan's reform agenda. In a bid to bolster water security, The Netherlands committed 31 million euros ($33 million) in grant funding for the National Water Carrier Project, which aims to desalinate 300 million cubic metres of water annually. The project is expected to serve nearly four million residents and address worsening climate-related water shortages. Meanwhile, Jordan launched a new five-year Country Partnership Strategy (2025–2029) with the AFESD, valued at $690 million. The strategic partnership will prioritise investments in water and energy infrastructure, vocational training, and private sector development. The Kingdom secured a $65 million soft loan to finance the development of the Sheikh Sabah Al Ahmad Al Jaber Al Sabah LNG Port. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
18-05-2025
- Business
- Jordan Times
Jordan secures over $2 billion for development projects — ministry
By JT - May 18,2025 - Last updated at May 18,2025 The Ministry of Planning and International Cooperation announced on Monday says that Jordan has secured more than $2.1 billion in grants and concessional loans to fund a number of high-impact national development projects (JT file) AMMAN — Jordan has secured more than $2.1 billion in grants and concessional loans to fund a number of high-impact national development projects, the Ministry of Planning and International Cooperation announced on Monday. According to a government performance report released by the Ministry of Government Communication, the financing agreements were finalised in April with major international partners, including the World Bank, Germany's KfW Development Bank, the Embassy of the Netherlands, and the Arab Fund for Economic and Social Development (AFESD). The funds are intended to support Jordan's economic modernisation programme, enhance infrastructure, and strengthen social safety nets, the ministry said. Agreements signed with the World Bank total $1.1 billion and target initiatives that stimulate economic growth, promote start-ups and small- and medium-sized enterprises (SMEs), expand social protection, and improve the reliability of the Kingdom's electricity supply, Al Mamlaka TV reported. A key component includes a $400 million Development Policy Loan aimed at improving competitiveness, boosting exports, and increasing employment opportunities, particularly for youth and women. Another $400 million will support the Resilient and Sustainable Social Protection Programme, designed to strengthen the country's response to economic shocks and protect vulnerable populations. Additionally, the second phase of the Jordan Entrepreneurship Fund, with a $50 million investment, will support high-growth start-ups in sectors such as ICT, fintech, green tech, and health tech. A further $250 million is allocated to enhance the efficiency and financial sustainability of the electricity sector, part of Jordan's transition to cleaner energy sources. The ministry also signed a 200 million euro ($215 million) loan agreement with KfW to support the Kingdom's economic modernisation vision. The German development bank described the funding as 'unconditional financial credit' offered at a pivotal time for Jordan's reform agenda. In a bid to bolster water security, The Netherlands committed 31 million euros ($33 million) in grant funding for the National Water Carrier Project, which aims to desalinate 300 million cubic metres of water annually. The project is expected to serve nearly four million residents and address worsening climate-related water shortages. Meanwhile, Jordan launched a new five-year Country Partnership Strategy (2025–2029) with the AFESD, valued at $690 million. The strategic partnership will prioritise investments in water and energy infrastructure, vocational training, and private sector development. The Kingdom secured a $65 million soft loan to finance the development of the Sheikh Sabah Al Ahmad Al Jaber Al Sabah LNG Port.
Bloomberg
16-05-2025
- Business
- Bloomberg
Gulf States Embrace Trump's New Vision of Middle East
At every stop on his just-ended tour, President Donald Trump's words were music to the ears of his Saudi, Qatari and Emirati hosts. He spelled out an unambiguous message: the US is forging a new partnership with nations in the energy-rich Gulf and the wider Middle East. It's one focused on deals, business and economic modernization, and de-escalating the region's conflicts. American discourse about human rights and democracy will no longer feature.
Zawya
15-05-2025
- Business
- Zawya
Jordan: JFDZ announces resolution of 11 stalled dead sea projects, unveils new development strategy
AMMAN — The Jordan Free and Development Zones Group (JFDZ) on Wednesday has successfully resolved a long-standing backlog of "stalled" investments in the Dead Sea Development Zone, signalling a "new" chapter for the region's growth and revitalisation. JFDZ Chairman Sakher Ajlouni, announced that all 11 "troubled" investment agreements, some of which had been inactive since 2011, have now been legally and amicably settled. The move is part of broader efforts to reset the investment landscape and prepare the area for high-impact development opportunities. The resolution process involved a case-by-case review of contracts, offering flexibility to some investors while mutually terminating others, all without financial losses to the state. Ajlouni emphasised that the aim was not just to close a chapter, but to clear the path for future projects aligned with national development goals, the Jordan News Agency, Petra, reported. As part of this reset, the Group is currently updating the region's "master" development plan, originally drafted in 2011. The new version is being shaped by recent market research, shifting investor priorities and the Kingdom's economic modernisation agenda. The updated blueprint is designed to encourage strategic, sustainable investment while making better use of available land and resources. Ajlouni stressed that the new plan will provide clear guidance for investors and stakeholders, striking a balance between economic growth and environmental preservation. Final approval is expected in the near future. Director General of the Development Zones Mohammad Al Wakid, added that the total value of the resolved projects was around JD58 million. These included lease-to-own and development contracts, two of which have now resumed work on-site. He explained that the delays were primarily due to weak financial planning by investors and mismanagement of contracts issues that persisted despite "generous" government support, including payment flexibility and exemption from penalties. Five major tourism projects are under construction in the area, with some already open and others nearing completion. These initiatives are part of a broader action plan to reposition the Dead Sea as a "prime" destination for both investment and tourism. Wakid concluded by noting that although the state lost valuable time due to previous project failures, the region is now poised for a "fresh" wave of development. With past obstacles removed, the "focus" shifts to attracting capable investors and transforming the Dead Sea into a "model" of sustainable growth.
Jordan Times
10-05-2025
- Business
- Jordan Times
A new era of partnership: Jordan and Arab Fund chart path to sustainable growth
During the last decade, the Jordanian economy has shown a remarkable resilience towards regional instability and global economic and environmental shifts. The growing effects of climate change, particularly extreme weather events and water scarcity, pose serious threats to social welfare and sectors like manufacturing and agriculture. The generous hosting of numerous refugees has also placed considerable strain on Jordan's national resources and public services infrastructure. The country's growing population amplifies the demand for resources and employment opportunities, particularly for youth and women. These interconnected factors slow sustainable development and require careful consideration and innovative solutions. Marking a bold new era in development financing, the Arab Fund embarked on an ambitious plan to support the implementation of Jordan's Economic Modernization Vision 2033, aiming to unlock its economic potential, improve the quality of life for all citizens, and aligning it with the Sustainable Development Goals (SDGs). The partnership between Jordan and the Arab Fund extends for more than fifty years, where the Arab Fund has provided a total funding amount of about $2.67 billion in loans and grants to support the growth of many different sectors. These sectors include energy and electricity, agriculture and rural development, social services, in addition to transportation, water and sanitation, industry, and mining. Among our major contributions is the financing of the Samra Electric Power Company, with approximately $600 million provided over seven successive development phases. Additionally, Jordan values the Sheikh Sabah Al-Ahmad Al-Sabah LNG Terminal Development Project because it directly benefits the economy. The under-construction project located in Aqaba, is being built with the Arab Fund as a partner, investing around $68 million to support Jordan's interests. The project will replace the high-cost floating storage and regasification unit with a more cost-effective storage vessel and establish an onshore regasification unit. These efforts are expected to significantly reduce the overall cost of supplying liquified natural gas (LNG) to power generation plants. Beyond national initiatives, the Arab Fund has also played an instrumental role in promoting regional integration through supporting electrical interconnection between countries, linking Jordan with Egypt, Syria, and Saudi Arabia (in the near future), with a total investment of approximately $170 million. These strategic engagements highlight the Arab Fund's broader commitment to fostering regional cooperation across the Arab world, while also reflecting Jordan's dedication to improving its energy infrastructure and ensuring long-term economic growth. This laid the groundwork for a more comprehensive and strategic partnership across the entire Kingdom. Through over a year of close collaboration, extensive consultations, and in-depth discussions between the Arab Fund and the Government of Jordan - represented by several ministries (including the Ministry of Planning and International Cooperation, the Ministry of Digital Economy and Entrepreneurship, The Ministry of Energy and Mineral Resources, the Ministry of Health, the Ministry of Investment, the Ministry of Water and Irrigation, as well as with the representatives of the Jordanian private sector and banking system), key critical development gaps were identified. This intensive joint effort formulated a comprehensive Country Partnership Strategy (CPS) for Jordan, poised to chart a transformative new course for development partnership in the years ahead. With an SDG-driven vision, the CPS will support Jordan's efforts in narrowing the gaps across six SDGs, including: SDG 3: Good Health and Wellbeing; SDG 4: Quality Education; SDG 6: Clean water and sanitation; SDG 7: Affordable and Clean Energy; SDG 8: Decent Work and Economic Growth and SDG9: Industry innovation and infrastructure. The implementation will focus on improving social services — including water supply infrastructure, improving production of renewable energy and export of electricity, and improving access to quality early childhood education and Technical and Vocational Education Training. It will also support developing digital infrastructure and boosting digital skills needed for the digital economy. One of the drivers of the transformative investment that will be supported by the Arab Fund is public-private partnership particularly in health and early childhood education, to improve employability for youth and women. Besides, recognizing the significant contribution the private sector can make to development; the five-year strategy (2025-2029) aims to contribute to the growth and development of high-value industries and the digital economy, supporting the expansion of small and medium enterprises and startups. That's why a cornerstone of the strategy is collaboration with the public and private sectors. Jordan's economic resilience has been supported by its creative and entrepreneurial human capital, capable private sector, and its ability to contribute to the region's development. The Arab Fund will continue to provide concessional financing to support Jordan's development initiatives, along with private sector financing. The implementation of the CPS will be backed by a financing package of $690 million over the coming five years. The Arab Fund will also mobilize more financial and technical resources from global and regional institutions to support the implementation of this strategy. This strategic intervention from the Arab Fund coming at a time of major global challenges, testimonies the confidence of the Arab Fund in the immense potential of Jordan. By supporting member countries turn challenges into genuine development opportunities, the Arab Fund affirms its commitment to narrow SDG gaps and fosters integration across the region. Bader Alsaad is director general and chairman of the Board of the Arab Fund for Economic and Social Development
