Cabinet approves validating reasons for draft Public-Private Partnership Projects Law

AMMAN — The Cabinet, during a session chaired by Prime Minister Bisher Khasawneh on Wednesday, approved the validating reasons for the draft Public-Private Partnership Projects Law for 2023.

The draft law, which is intended to create a "stimulating" investment environment for building partnerships with the private sector, aligns with the implementation of the Economic Modernisation Vision, the Jordan News Agency, Petra, reported.

This bill seeks to benefit from the private sector's technical expertise in establishing infrastructure and public facilities projects, providing and improving services and maximising productivity, envisioned to contribute to Jordan's economic growth and sustainable social development.

The Cabinet also approved the validating reasons for a draft bylaw for Association of Banks in Jordan for 2023, which increases the term limit of elected boards of directors from three to four years. The increased term limits are intended to give boards of directors "sufficient" opportunities to follow up on and implement plans to serve the banking sector.

The bill likewise comes in line with the best practices of similar institutions.

Meanwhile, the Cabinet approved recommendations from the Settlement and Reconciliation Committee to settle the tax status of companies and taxpayers. The Council of Ministers also approved the Committee’s recommendation to settle pending cases between 790 companies and taxpayers and the Income and Sales Tax Department.