AMMAN Jordan Capital and Investment Fund (JCIF)founded in 2021 as the largest Jordanian investment fund with a total capital of JD 275 million, has completed its establishment phase, the bank said in a press release.اضافة اعلان

He said the process included the finalization of investment policies and strategies, the integration of the investment committee and the appointment of a CEO and a dedicated management team, “thus officially announcing the start of its operations and its investment phase, with investments in Jordanian companies expected to begin in 2023”. .

Investment Minister Kholoud Saqqaf and Central Bank of Jordan Governor Adel Sharkas inaugurated the new offices of JCIF, which is 100% owned by Jordanian banks and “aims to support the Jordanian economy by focusing on productive sectors to generate employment opportunities, increase exports and rapid development in all governorates,” the statement said.

“JCIF will also prioritize diversifying its investment portfolio to cover as many sectors as possible spanning multiple areas with real competitive advantages, such as food and health safety, chemical industries and information and communication technologies (ICT)while allocating the amount of investment for each,” he said.

“The Government of Jordan, through the Ministry of Investment, fully supports the establishment of investment funds, given their contributions to stimulating and attracting capital from investment institutions in order to to finance various priority economic sectors with significant competitive advantages,” Saqqaf said.

“In doing so, they contribute to the achievement of many economic and development goals that have a direct impact on economic growth and efforts to reduce poverty and unemployment,” she added.

She pointed out that the new Investment Environment Law for 2022 “not only allowed the creation of investment funds to allocate resources to economic activities, but also allowed them to acquire legal personality upon their creation and registration in the Ministry of Investment, which serves main point of reference for investment in Jordan”.

Sharkas, the CBJ Governor, said the establishment of the JCIF “reflects the firm commitment of the Jordanian banking sector to supporting the local economy and advancing development at various levels, as well as the responsibility banks bear whenever the national economy is exposed to unexpected challenges, and fluctuations, the most recent of which have been the great efforts to mitigate the impact of the coronavirus pandemic on businesses and individuals.

He said banking metrics for the first three quarters of 2022 “showed strong performance”, with total credit facilities growing 7.7%, compared to 4.4% in the same period last year. last.

The CBJ governor noted that deposits rose 5.8%, compared to 4.5% during the same period last year. He said this demonstrated “the major role of banks in financing economic activity and mobilizing savings”.

Sharkas said the investments injected by the JCIF will help “increase the size and quality of investments in the Kingdom, and create strong Jordanian businesses that can capitalize on long-term investment opportunities – thereby improving the economic activity, creating employment opportunities and providing a holistic approach”. and sustainable economic development, ultimately realizing
Vision of economic modernization goals for the next decade.

Jordan Capital and Investment Fund Management Company Chairman Hani Qadi said the JCIF is “seen as a key catalyst in realizing the strategic objectives of Jordan’s economic modernization vision” launched earlier this year.

“Its establishment reaffirms the Jordanian government’s determination to promote investment in the Kingdom, particularly within the framework of the recently enacted investment environment law,” he said. “I sincerely thank the Government of Jordan and the Central Bank of Jordan for their unwavering support in the establishment of the JCIF and in its mandate to stimulate national economic development. »

“To ensure that the objectives of the JCIF are best achieved, the Board has appointed an Investment Committee comprised of Omar Agha, Anis Bibi and Adi Salamin, each drawing on extensive expertise and relevant in-depth knowledge in this area,” Qadi noted.

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