(MENAFN- Jordan Times)
AMMAN - Positioned to address local challenges and by blending profit with purpose, social enterprises are gradually gaining recognition as vital agents for social and economic change across the Kingdom, according to JoWomenomics.
“Impact investment, which is the practice of funding ventures and enterprises that generate measurable social benefits, is crucial for the Kingdom's landscape,” JoWomenomics CEO and Founder Mayyada Abu Jaber said during a meeting with media representatives and journalists on Monday.
“This type of investment supports Jordanian social enterprises in scaling their work, allowing them to address issues like youth unemployment, environmental sustainability, and economic disparities across regions,” she further noted.
The meeting focused on familiarising journalists and media representatives with the concept and forms of social enterprises. It included a presentation of its latest literature review regarding the role and potential of social enterprises in Jordan, in addition to sharing experiences from other countries.
Abu Jaber said:“So far we have addressed 26 social enterprises, however we are still in the initial stages and we did not explore the legal aspect of social enterprises here in Jordan.”
The handling of 26 social enterprises in Jordan points to a budding interest in using business for social impact. These enterprises seek to tackle a range of community challenges, yet they face hurdles due to a lack of formal support structures and clear legal frameworks.
For these initiatives to reach their potential, a standardised definition and legal recognition are essential, allowing them to secure funding, expand operations, and further contribute to Jordan's social and economic development, she added.
“Jordan currently lacks an official definition for these impact-driven enterprises which can take diverse forms and operate beyond traditional structures,” Abu Jaber highlighted.
She noted that meetings will take place in a week or so with several ministries, including the Ministry of Investment, the Ministry of Social Development, and the Ministry of Industry, Trade, and Supply, to explore the topic in greater detail.
JoWomenomics, founded in 2014, is an independent, non-profit organisation dedicated to promoting an eco-feminist economy in the Kingdom and the MENA region.
The organisation has employed over 600 women across 10 governorates, reached 4,000 community members, developed 18 community champion networks, and advocated for amendments to the Labour Law and Social Security Law.
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