With a capital of JD257 million, the largest Jordanian investment fund, the Jordan Capital and Investment Fund, will be officially operative and pump investments into Jordanian companies by 2023, due to the completion of the establishment phase, the fund announced on Tuesday.

Minister of Investment Kholoud Saqqaf and Governor of the Central Bank of Jordan (CBJ) Adel Sharkas attended the office opening for the fund, which is owned by the Jordanian banks, the Jordan News Agency, Petra, reported.

The government, through the Ministry of Investment, provides full support for the establishment of investment funds, which helps attract investment capital from other institutions, Saqqaf said.

She highlighted that the new 2022 law regulating the investment environment has allowed investment funds to be established and to allocate finances for economic investments.

Under the law, investment funds should be established and registered with the Ministry of Investment to be considered valid institutions, she said.

Developing the fund showcases the Jordanian banks’ commitment to supporting the local economy and furthering development. This also demonstrates responsibility on the part of the banks in dealing with unexpected hardships and fluctuations, the most recent of which was seen in the banks’ efforts to mitigate the economic ramifications COVID-19, Sharkas said.

During the first three quarters of 2022, banking performance indicators showed a positive trend, as total credit facilities grew by 7.7 per cent compared with 4.4 per cent for the same period of 2021, he said.

Deposits are up by 5.8 per cent compared with 4.5 per cent during the same period last year, he said.

According to Chairman of the Jordan Capital and Investment Fund Management Company Hani Qadi, the fund will help serve as an enabler to the strategic objectives of the Economic Modernisation Vision.

 

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