Roadmap to boost capital market unveiled

AMMAN — The European Bank for Reconstruction and Development (EBRD) and the Jordan Securities Commission on Tuesday presented the Capital Market Development Strategy and Roadmap, which aims to create a capital market capable of supporting the country’s economic development through better provision of finance for the private sector.

The strategy was presented in Amman under the patronage of Deputy Prime Minister Rajai Muasher and included a sequence of 121 action items all aimed at addressing key challenges for the country’s development, according to a statement issued by the EBRD.

Jordan’s key challenges include improving opportunities for the private sector to raise finance and providing more investment opportunities for the public, as well as improving the resilience of Jordan’s financial system, the EBRD statement said.

During the event, Muasher said that the strategy is envisioned to contribute to increasing the capital market capacity and enhancing investments in the market, and, consequently, playing a role in creating real and sustainable job opportunities, the Jordan News Agency, Petra, reported.

He added that regional political conditions and successive economic crises have negatively affected the overall economic indicators and resulted in slower growth rates and higher unemployment percentages, which have required more efforts to avoid despair, mainly among young people.

The Strategy and Roadmap is rooted in the broader “Jordan 2025: A National Vision and Strategy”, which specifies over 400 policies and procedures for the general economy that should be implemented through a participatory approach between the government, the private sector and civil society, the statement added.

The EBRD has invested over 1.3 billion euros through 44 projects in Jordan since it began operations in the country in 2011, the statement said, adding that facilitating non-sovereign financing and promoting direct and indirect financing of private enterprises such as Small- and Medium-sized Enterprises are key priorities for the Bank’s work in Jordan.