‘EBRD, EU step up support for start-ups in Jordan’

AMMAN — The EBRD on Thursday signed a Memorandum of Understanding with seed investment and accelerator company Oasis500, foreseeing EBRD's advisory support to Oasis500 and its beneficiary companies on how to develop and successfully grow their businesses, a statement by EBRD said.

The memo was signed by Oasis500 board member Karim Kawar, EU Ambassador to Jordan Andrea Fontana, EBRD Managing Director for the Southern and Eastern Mediterranean Region Janet Heckman, and EBRD Director for the Eastern Mediterranean Region and head of Jordan office Heike Harmgart.

The EBRD invests and works with private equity funds to help promising start-up businesses release their full potential, the statement said, noting that the EBRD Accelerator Programme supports these funds through accelerating the development of their pipeline and start-up companies with a mix of practical workshops, connections to expert consultants and various business planning activities over a period of four years. 

The cooperation with Oasis500 is the first project of its kind in Jordan, launched in parallel with a similar project with Flat6Labs in Egypt, at a total value of 2 million euros provided by the EU. 

"The Bank’s cooperation with Oasis500 and Flat6Labs will further strengthen its support for businesses especially in the information, communications and technology sector, which have high potential for creating new employment opportunities and contributing to economic growth in Jordan and Egypt," the statement read, adding that it also supports the creation of a business environment that is conducive to seed and venture capital investments. 

The Accelerator Programme supports the EBRD’s Economic Inclusion Strategy by serving target inclusion groups of youth, refugees and women, with a focus on inclusion impact including access to skills, entrepreneurship and access to finance.