The World Bank has disbursed about $123 million in payments for a program that supports Jordan in accelerating economic recovery and creating job opportunities.

According to data seen by the Kingdom, the new transfer from the payments of the comprehensive, transparent and climate-friendly investment financing program according to the results, amounting to about 1.2 billion dollars, took place last August, to become the first procedure of the bank’s payments to the project, which the bank is committed to financing. worth $500 million.

On June 10, 2021, the Bank approved the program to stimulate public and private investment in Jordan in order to achieve a green and comprehensive recovery from the coronavirus pandemic, and the Asian Infrastructure Investment Bank also agreed to provide additional financing of $250 million to support this program and help Jordan in addressing poverty.

According to a document seen by the Kingdom, project data show that the Jordanian government will commit to providing $463 million out of the project’s total value of $1.213 billion.

The World Bank expected that this program would assist Jordan in accelerating its recovery and creating more job opportunities by benefiting from its economic potential, especially green growth opportunities, and strengthening government accountability mechanisms for implementation.

This funding is linked to the Jordanian government’s implementation of a number of reform indicators related to improving the investment climate and stimulating economic growth responsive to climate change, in line with the Jordanian reform matrix.

The World Bank said in its approval of the project that Jordan is ready to embark on a climate-friendly recovery and to take a new path to achieve the desired growth. Climate risks arising from water scarcity, rising temperatures and severe weather offer Jordan new opportunities to become more efficient in the use of its resources and become more regionally competitive. As for the expected investment in greening infrastructure and services and making them environmentally friendly, it would create new job opportunities and add greater economic value.

He noted that Jordan’s Nationally Determined Contributions under the Paris Agreement on Climate Change, in turn, provide an appropriate platform for identifying opportunities that also benefit Jordanian society.

In his previous comment on the Bank’s approval of the program, Minister of Planning and International Cooperation Nasser Al-Shraideh said: “Jordan is ready to circumvent its investment environment and develop an economy that is greener, more responsive to climate change and enjoys a greater degree of efficiency, and this program will help Jordan move in this direction. And launching the post-pandemic economic recovery phase.”

The project aims, according to the World Bank and the Ministry of Planning and International Cooperation, to support the implementation of critical reforms, which include promoting an inclusive and transparent regulatory environment for business in the public and private sectors, supporting the business environment and enhancing competitiveness to attract new investments, developing tourism, and female participation in the workforce.

It also aims to encourage green investments, which have been initiated as part of a matrix of reforms that will help Jordan take advantage of post-pandemic recovery opportunities. By enhancing transparency in consultative processes and increasing access to and use of statistical and administrative data, the program will also help strengthen Jordan’s mechanism for implementing effective new policies and investments.

In a previous statement about the program, Saroj Kumar Jah, Regional Director of the Mashreq Countries Department of the World Bank Group, said: “Jordan has been one of the most active and pioneering countries in the region in ratifying and implementing international initiatives related to climate change, including the Paris Climate Agreement.” Jordan can now leverage these efforts to become an attractive destination for green, climate-related investments.”

(The kingdom)