World Bank Considers $900 Million Financing for Jordan’s Development Initiatives

The World Bank is assessing potential financing of $900 million for five projects in Jordan, targeting economic reforms and social welfare. Key initiatives include funding to improve social protection, vocational training, and entrepreneurship. Despite regional challenges, Jordan’s economy has shown resilience with modest growth.

The World Bank is evaluating financing for five distinct projects in Jordan, potentially amounting to $900 million, targeting economic reforms, social protection, key sectors, and entrepreneurship. This initiative aligns with the Country Partnership Framework (2024–2029) created in conjunction with the Ministry of Planning and International Cooperation.

The proposed funding includes up to $400 million aimed at enhancing Jordan’s welfare programs and economic resilience, which is in line with both the National Social Protection Strategy and the Economic Modernisation Vision (2022). This effort aspires to double economic growth rates and generate job opportunities over the next decade.

The World Bank’s initiatives also target enhancing vocational training and teacher support through the ‘Masar’ programme, which seeks an additional $5.6 million in funding. The programme aims to improve education quality and ensure alignment with labor market demands, especially for vulnerable communities, including refugees.

Further funding components include $50 million to stimulate entrepreneurship and innovation, building upon prior successful funds that supported small and medium-sized enterprises (SMEs). Jordan previously attracted $246 million in investments for startups between 2018 and 2022.

Additionally, an extra $7.5 million is planned for the “Strengthening Reform Management” programme, extending its implementation period to 2028 to bolster Jordan’s continued reform efforts. Despite geopolitical instability, the economy demonstrated resilience with a growth rate of 2.6 percent in the third quarter of 2024, driven by ongoing efforts to stabilize and reform key economic sectors.

In summary, the World Bank’s consideration of a $900 million investment in Jordan focuses on enhancing social protection, stimulating economic growth, and supporting entrepreneurship. These efforts align with existing strategies aimed at improving welfare programs and vocational training. The ongoing reforms reflect the government’s commitment to sustainable growth, aiming to create new job opportunities and enhance the overall economic climate despite regional challenges.

Original Source: www.jordantimes.com