IFC Pushes Forward Development In Jordan With New Agreements

(MENAFN- Jordan News Agency)

Amman, Feb. 21 (Petra) - The International Finance Corporation announced an increase in its support for the private sector in Jordan to implement the Economic Modernization Vision, signing three agreements within the framework of the partnership with the government of the Netherlands. These agreements aim to enhance women's participation in the labor force, encourage green buildings, and promote entrepreneurship, especially for women and refugees.
The first agreement, inked with the Jordan Kuwait Bank, aims to assist 50 nurseries and kindergartens in adopting best practices and obtaining financing. It provides technical advice on improving policies for high-quality and safe child care services, alongside building financial awareness skills for managers to attract investments for growth and expansion.
This project supports new childcare homes by establishing an "innovation center" to enhance business models and implement good practice standards. This initiative is also supported by the Women's Empowerment Program in the Mashreq, part of a partnership with the governments of Canada and Norway.
This effort aligns with the International Finance Corporation's initiative to enhance "care services in the Arab region," aiming to increase access to quality and safe childcare services to boost women's participation in the labor force. Currently, women make up only 20 percent of the workforce in the region, one of the lowest rates globally.
The second agreement, signed with the Ministry of Digital Economy and Entrepreneurship, aims to overcome barriers hindering entrepreneurs and enhance their growth through the National Entrepreneurship Policy Initiative in Jordan and the Foundation's initiative to support emerging companies in the Levant region.
This three-year program targets supporting over 150 startup companies in Jordan, Lebanon, and Iraq, providing education, training, and advice to develop ideas and realize them, especially for entrepreneurs, refugees, and women.
The third agreement aims to promote green buildings in Jordanian municipalities through a partnership with the Cities and Villages Development Bank. It helps improve policies and regulations to incentivize green construction and enhances capabilities to adopt green building practices using tools such as the organization's green building program "Edge," which calculates and reduces the environmental impact of buildings.
These agreements align with Jordan's 10-year Economic Modernization Vision, launched in 2022 to double the Gross Domestic Product (GDP) growth rate to $82 billion by 2033, attract investments worth $42 billion, and create one million new job opportunities.
Signed during World Bank Group President Ajay Banga's visit to Jordan, these agreements aim to strengthen strategic partnerships and accelerate development to improve the lives of the Jordanian people.
Over the past 50 years, the Foundation has invested more than two billion dollars in various sectors in Jordan, helping provide and maintain over 18,000 job opportunities annually, including more than 3,300 for women.
Since 2010, the Foundation has doubled its investments in Jordan, recently transforming its Amman office into a regional center serving 15 countries.

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