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HKJ-Amman, Wednesday: The Jordan Securities Commission represented by Chairman Dr. Leith K. Ajlouni and The European Bank for Reconstruction and Development, represented by Director, Regional Head of Eastern Mediterranean Mr. Philip Ter Woort signed today the Capital Market Development Project Memorandum of Understanding (MoU),in the presence of the Japanese Ambassador to the Kingdom, His Excellency Mr. Shimazaki Kaoru.
The MoU reaffirms the long-standing strong partnership between the two organizations and builds on the previous agreements and projects between The Jordan Securities Commission and The European Bank for Reconstruction and Development. The MoU will leverage each organization’s comparative advantage to support high-quality market outcomes.
Dr. Ajlouni underlined that this MoU is a continuation of the realization of the Capital Market Development Project’s goals and actions. He stated that the Capital Market Development Project’s main activities are guided by the “Capital Market Development Strategy and Roadmap for Jordan” funded by the Government of Japan and approved by the Cabinet in 2017 with the overriding objective of supporting Jordan’s efforts of boosting economic growth. On behalf of the Jordanian government, Dr. Ajlouni expressed his thanks and gratitude to the Japanese ambassador and the Japanese government for their generous support in this regard.
He further clarified that the project is organized along seven sets of strategic goals which relate to increasing investor interest, making the financial market more attractive to issuers, reorienting the capital market infrastructure institutions as private sector operations, making the securities industry more competitive, strengthening the capacity of The Jordan Securities Commission, creating more attractive investment products and developing outreach programs for investors and issuers. The strategic goals are further divided along five work streams: legal and regulatory reforms, tax policy and administration reforms, building capacity and enhancing operations of the Amman Stock Exchange and Securities Depository Center, strengthening the institutional capacity of the Jordan Securities Commission, and introducing new capital markets products.
The MoU comes to complete the realization of an important strategic objective of the Project, namely “strengthening the institutional capacity of the Jordan Securities Commission”. In this respect, experts will undertake a review of legislative, supervisory, and structural frameworks and processes at the Jordan Securities Commission.
More importantly, the MoU coordinates efforts for the successful completion and implementation of a comprehensive package of proposed amendments to various legislations impacting the capital development.
The Jordan Securities Commission values the close relation with The European Bank for Reconstruction and Development and its consistent consultation and technical assistance and looks forward to continued dialogue and collaboration in achieving the outcomes and recommendations of the capital market development project.
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