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