The World Bank is assessing a $900 million financing package for five key projects in Jordan, aimed at enhancing social and economic development. Funding includes $400 million for social protections, an additional $50 million for entrepreneurship initiatives, and support for vocational training through the ‘Masar’ program. The proposed financing aligns with Jordan’s broader reform strategies despite ongoing regional challenges.
The World Bank is currently evaluating financing options for five projects in Jordan, potentially amounting to $900 million, aimed at bolstering economic reforms and social support. These projects align with the Country Partnership Framework (2024–2029), developed by the Ministry of Planning and International Cooperation in collaboration with the World Bank.
Among the proposed funding is $400 million dedicated to enhancing social protection and welfare programs, thereby supporting the National Social Protection Strategy and the Economic Modernisation Vision (2022). This initiative is designed to stimulate growth, create jobs, and improve productivity in sectors with high potential.
The World Bank highlighted Jordan’s social protection system, the most extensive in the Middle East and North Africa, which covers vulnerable populations effectively. By 2022, nearly 34 percent of the population benefitted from social programs, particularly supporting lower-income groups.
Additionally, a $5.6 million boost for the ‘Masar’ initiative is under consideration, which seeks to improve education and vocational training. This program is critical for aligning educational outcomes with market needs, especially for vulnerable demographics such as refugees. Furthermore, it will receive a $4 million allocation from the Forced Displacement Trust Fund.
Moreover, the Bank is reviewing an additional $50 million to stimulate entrepreneurship among startups and small to medium-sized enterprises (SMEs) in Jordan. This funding aims to capitalize on the success of the Innovative Startups and SMEs Fund, bolstering Jordan’s position in the regional venture capital landscape.
In conjunction with these efforts, the World Bank intends to extend the “Strengthening Reform Management” program with an additional $7.5 million, raising the total funding to $23.3 million, thereby reinforcing Jordan’s ongoing economic reforms. The Jordanian government remains dedicated to these reforms, aiming for sustainable growth despite regional instabilities.
The World Bank is considering substantial new financing in support of Jordan’s economic and social development initiatives. The potential investment of $900 million encompasses programs to enhance social protection, promote education, and encourage entrepreneurship. Despite regional challenges, Jordan’s economy shows resilience and a commitment to reforms that aim to bolster growth and improve investment climates. This comprehensive funding strategy reflects a collaborative effort to secure a more prosperous future for the Kingdom.
Original Source: www.jordantimes.com
