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The World Bank Injects $50 Million into Jordan’s New Innovative Startups Fund

The newly launched fund, which stands at $98 million, aims to help support 200 innovative business ideas in the country.

The World Bank has just teamed up with Jordan’s Ministry of Planning to support the Innovative Startups Fund, a $98 million fund to help potential entrepreneurs and support 200 innovative business ideas in the country. While the World Bank will offer a $50 loan to establish the fund, the Central Bank of Jordan (CBJ) will add $48 million, according to Jordan’s Planning minister, Imad Fakhoury. 

According to World Bank Regional Director for the Mashreq Saroj Jha, Jordan’s SMEs sector makes up to 75 percent of the country's economy. The fund, which will be implemented by the Jordan Loan Guarantee Corporation, is in line with implementing the Jordan 2025 vision and the recently adopted Jordan Economic Growth Plan 2018-2022. 

“These blueprints seek to enhance economic growth by providing support to innovative and entrepreneurial micro- small- and medium-sized enterprises (SMEs) that create jobs and contribute to the national economy,” Fakoury said.

Last April, The Jordan Enterprise Development Corporation (JEDCO), and  the Organisation for Economic Cooperation and Development (OECD), launched a $1.3 million project to support Jordan’s policies for SMEs. 

Main photo credit: Wikipedia, licensed under creative commons.

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