Jordan, WBG Launch New Framework To Boost Inclusive Growth, Employment

(MENAFN- Jordan News Agency)

Amman, April 8 (Petra) -- The World bank Group (WBG) and the Ministry of Planning and International Cooperation have officially launched the new Jordan Country Partnership Framework (CPF) for the years 2024-2029.
This framework is aimed at promoting inclusive and green growth in the nation and facilitating job creation, with a keen focus on youth and women. This initiative marks the latest development in the long-standing partnership between Jordan and the WBG.
Despite facing various challenges, including a moderate growth rate of 2.2% over the past decade, an unemployment rate of 21.3%, and a female labor force participation rate around 15%, Jordan has demonstrated considerable resilience.
The country has made significant contributions to the international community, notably through its efforts in hosting Syrian refugees, leading on climate action, and fostering regional peace and prosperity.
The CPF is designed to capitalize on Jordan's human capital, especially focusing on youth and women, and integrating climate action into its development model.
According to Jean-Christophe Carret, World Bank Country Director for the Middle East Department, the CPF will support the successful implementation of Jordan's economic and public sector modernization reforms. This, in turn, is expected to enhance the country's resilience to future shocks.
The framework sets forth three High-Level Objectives: stimulating private sector jobs through investment-enabling reforms and sector-specific initiatives; enhancing human capital outcomes by targeting education, healthcare, and social protection reforms; and increasing resilience and sustainability in critical sectors like water, energy, and urban development.
Additionally, the CPF emphasizes the importance of governance, digitalization, and support for Jordan's role as a host for refugees.
A distinctive feature of this new CPF is its collaborative nature, leveraging the collective strengths of the WBG's constituent organizations the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA) alongside partnerships with bilateral and multilateral entities. This approach aims to mobilize private, green, and concessional finance in support of Jordan's development objectives.
Throughout the development of the CPF, the World Bank Group engaged in extensive consultations with a broad array of stakeholders across Jordan, reflecting a comprehensive effort to align the framework with national priorities and development goals.
As part of this process, two new anchor operations have been approved, totaling US$576 million, to support the early stages of CPF implementation.
These operations focus on enhancing public service delivery, advancing digital transformation, and removing barriers to women's economic participation.
The CPF builds on the WBG's significant active portfolio in Jordan, which has seen substantial growth over the past decade.
Specifically, the IBRD's current portfolio includes 18 projects valued at US$4.1 billion. The IFC's investment program in Jordan has doubled since 2010, reaching a committed exposure of US$538 million. Moreover, MIGA's exposure in Jordan ranks as the third largest in the MENA region, totaling US$545.8 million.
This robust portfolio underlines the WBG's commitment to supporting Jordan's modernization agenda, enhancing human capital, and fostering private sector-led growth for inclusive and sustainable development.

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