Cabinet Greenlights Arab Fund Partnership, Green Hydrogen Project Extension, Tax Settlements

(MENAFN- Jordan News Agency)

Amman, April 9 (Petra) -- The Cabinet on Wednesday approved a joint declaration to launch a strategic partnership with the Arab Fund for Economic and Social Development for 2025-2029.
This move formalizes a strategic document aimed at funding development projects aligned with Jordan's Economic Modernization Vision, including private sector initiatives.
This agreement marks a first for the Fund, as Jordan becomes the inaugural nation to implement a private sector-inclusive partnership, with plans for regional expansion.
The partnership will prioritize key development areas: water resources, social services access, private sector growth, value-added investments, public-private partnerships, export promotion, digital economy, and startup support.
Financing agreements for individual projects will be submitted to the Cabinet for approval.
The long-standing development relationship between Jordan and the Arab Fund, spanning over 50 years, encompasses diverse sectors: electricity, energy, agriculture, rural development, social services, transportation, water, and mining.
In a related decision, the Cabinet approved a memorandum of understanding with the Arab Fund to co-finance activities of the Jordan Hashemite Fund for Human Development. This will support social, productive, and service-oriented programs, addressing social needs and fostering life, leadership, and professional skills development.
Furthermore, the Cabinet extended the framework agreement with Fortescue Future Industries for the Aqaba Special Economic Zone's green hydrogen and green ammonia project until March 31, 2026.
This extension aims to establish a unified framework for leading green hydrogen developers and financing entities, ensuring infrastructure projects are feasible and attractive for investment. It also seeks to standardize investment agreements, including incentives and expected returns.
Finally, the Cabinet approved the Settlement and Reconciliation Committee's recommendations, resolving 979 tax disputes involving companies and individuals with outstanding obligations under income and sales tax laws.
This decision streamlines tax settlements, enabling businesses to resolve outstanding issues, sustain operations, and pursue expansion, removing obstacles to economic growth.

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