World Bank In­vests $50M in Jor­dan’s In­no­va­tive Star­tups Fund

Arabnet - The Quarterly - - Industry Stories -

The Jor­da­nian Min­istry of Plan­ning and In­ter­na­tional Co­op­er­a­tion signed a $50M fa­cil­i­tated loan agree­ment with the World Bank ( WB) to sup­port the es­tab­lish­ment of the In­no­va­tive Star­tups Fund, in Au­gust. The Cen­tral Bank of Jor­dan (CBJ) will also sup­port the fund with $48M. The fund project will be im­ple­mented and op­er­ated by the Jor­dan Loan Guar­an­tee Cor­po­ra­tion. In­no­va­tive Star­tups Fund comes in line with Jor­dan 2025 vi­sion and the re­cently adopted Jor­dan Eco­nomic Growth Plan 2018-2022. Th­ese blue­prints seek to en­hance eco­nomic growth by pro­vid­ing fur­ther sup­port to in­no­va­tive and entrepreneurial mi­cro, small, and medi­um­sized en­ter­prises (SMES), that cre­ate jobs and con­trib­ute to the na­tional econ­omy. The fund will help po­ten­tial en­trepreneurs in fur­ther de­vel­op­ing their busi­ness ideas, con­nect­ing them with busi­ness in­cu­ba­tors, and pro­vid­ing ven­ture cap­i­tal to entrepreneurial small and medium sized busi­nesses that prove their abil­ity for sus­tain­abil­ity and growth. It will also sup­port 200 in­no­va­tive busi­ness ideas across the coun­try.

Newspapers in English

Newspapers from Lebanon

© PressReader. All rights reserved.