Senate passes investment fund draft law

AMMAN – The Senate on Tuesday endorsed the Jordan investment fund draft law for 2016 as referred from the Lower House, the Jordan News Agency, Petra, reported.

Senate President Faisal Fayez headed the session, which was attended by Prime Minister Abdullah Ensour and the concerned ministers.

The draft law stipulates that the fund's board of directors is to be headed by the prime minister, with members including ministers of planning and international cooperation, finance, energy and industry, trade and supply, in addition to three members chosen by the Cabinet.

The bill stipulates that the fund has the right to possess, invest and develop the following projects: the national railway network, the electricity interconnectivity project with Saudi Arabia, the pipeline to transfer crude oil and fuel derivatives to the Jordan Petroleum Refinery Company, and consumption and storage points, developing infrastructure at the Custodian of the Two Holy Shrines City project and a recreational estate project in Matal in Aqaba, in addition to other projects that the Cabinet approves, based on a recommendation from the fund’s board of directors. 

Sovereign funds and local, Arab and foreign investment institutions are to establish a shareholding company or more to invest in development rights and in projects listed in the bill.

The government will be authorised to administer treasury assets and forestlands for the purposes of implementing the projects included in the law, and the fund will enjoy special incentives and exemptions from taxes.

The bill has to be endorsed by the King and published in the Official Gazette to go into effect.