House panel chief expects no stormy debate over investment fund bill

AMMAN — The Lower House's Economy and Investment Committee on Tuesday completed its review of the 2016 draft investment fund law, head of the panel Abdullah Khawaldeh told The Jordan Times.

A Royal Decree was issued last week summoning Parliament to convene for an extraordinary session in order to endorse the draft investment fund law.

"Tomorrow [Wednesday], we will refer the law to the House Secretariat to be on the agenda of next Sunday's session," Khawaldeh said.

"It is a 15-article law and the House can finish it in one extended session or in two morning and afternoon sessions," he said

The lawmaker expected a "smooth" discussion of the bill under the Dome. 

Under the bill, an investment fund will be established to provide funding resources for large-scale infrastructure and development projects that benefit the national economy. 

The bill allows sovereign funds and Arab and foreign investment institutions to invest in a set of projects specified in the provisions of the law. 

Under the draft law, a fund named "Jordan Investment Fund" is to be established as a legal person of financial and administrative independence, thus able to possess movable and immovable assets and conduct all necessary legal measures to achieve its goals.

In previous session, some MPs suggested the bill should be rejected, citing concerns over establishing a new independent public institution. Financially and administratively, independent government units have been the centre of a debate over necessity.

The 2016 budget of independent public agencies is around JD1.9 billion with a deficit forecast to reach JD376 million.  

Based on the same rationale, other lawmakers called for merging the planned fund with the Investment Commission or other entities of similar nature.

Responding to deputies’ remarks at that time, Prime Minister Abdullah Ensour said that Saudi Arabia is interested in investing in Jordan and wants to protect its investments and seek incentives.