CBJ allocates JD100m to supporting contracting services overseas

AMMAN — Governor of the Central Bank of Jordan (CBJ) Ziad Fariz on Monday announced financial facilities worth JD100 million to support the exporting of contracting services outside the Kingdom through the Jordan Loan Guarantee Corporation (JLGC).

The governor’s remark came during a meeting held by the Jordanian Construction Contractors Association in the presence of Minister of Public Works and Housing Falah Omoush, Minister of Industry, Trade and Supply Tareq Hammouri and the president of the association, Ahmad Yacoub, among others.

Omoush said that the government supports exporting contracting services.

He stressed the need for restructuring the sector and legislation to scale up its competitiveness through world partnerships, the Jordan News Agency, Petra, reported.

Hammouri highlighted the importance of the construction sector in pushing the economy forward.

He requested that the association prepares a list of top priorities, which will be implemented according to their importance.

He also pointed out that contracting and engineering services are some of the most important exports, referring to the recent agreements with Iraqi side.

Fariz highlighted the importance of the construction sector in linking the industrial, services and trade sectors, stressing the need for restructuring the construction sector, which faces big financial challenges.

Fariz also pointed out that the contracting sector consumes 24 per cent of the guarantee facilities at local banks.

Yacoub said that the meeting forms a new national phase for building progress, pointing out that exporting contracting services contributes to improving the national economy and boosting Jordanian experts’ recruitment, especially in the reconstruction of neighbouring Arab countries.

He also stressed the need for revisiting legislation, calling for more cooperation between government agencies and the construction sector.