JD275 million Jordan Capital and Investment Fund launched

AMMAN — Prime Minister and Minister of Defence Bisher Al Khasawneh on Tuesday attended the virtual launching ceremony of the Jordan Capital and Investment Fund by Jordanian banks.

The prime minister lauded the Jordanian banks’ initiatives and efforts towards supporting the Kingdom’s “march of development”, stressing the need for such investment funds amid the pandemic that impacted various economic sectors.

The fund’s investments target vital and promising areas, notably the fields of food and health security, IT and digital entrepreneurship, Khasawneh said, highlighting the government’s efforts to remove all obstacles hindering local and foreign investments.  

Governor of the Central Bank of Jordan (CBJ) Ziad Fariz expressed pride in the banks’ move at this important time amid the pandemic with its impacts, commending the CBJ-licensed banks’ partnerships and ongoing coordination that paved the way to sustain businesses and economy during the lockdowns.

Reviewing the CBJ’s precautionary measures in response to the pandemic, Fariz said that the bank has managed to preserve the financial and monetary stability, pointing out that foreign reserves surpassed $15.9 billion by the end of 2020, which is adequate to cover the Kingdom’s imports of commodities and services for more than a nine-month period. He added that affiliation levels remained at 0.3 per cent.

Head of the Association of Banks in Jordan (ABJ) Hani Al Qadi said that the fund with a capital of JD275 million is the largest investment fund introduced by the private sector, as well as it is the largest company fully owned by Jordanian banks.

He added that the fund is aimed at investing in Jordanian companies that have opportunities for expansion and development via injecting new funds and investments towards assisting the Kingdom’s economic growth.

Qadi also expressed appreciation of the CBJ’s support for the initiative that showed banks’ role in the anti-virus fight, the Jordan News Agency, Petra, reported.

The investment company will offer an additional financing track, which expands production and exports, he added, noting that the company’s objectives also include providing support for the Jordanian companies’ administrations and enhancing their institutional governance systems in accordance with the best global practices.