With a capital of JD 257 million, Jordan’s largest investment fund, the Jordan Capital and Investment Fund, will be officially operational and injecting investment into Jordanian companies by 2023, due to the completion of the development phase. establishment, the fund announced on Tuesday.

Investment Minister Kholoud Saqqaf and Central Bank of Jordan (CBJ) Governor Adel Sharkas attended the opening of the office of the fund, which is owned by Jordanian banks, Jordanian 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 pointed out that the new law of 2022 regulating the investment environment has made it possible to establish investment funds and allocate funds for economic investments.

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

The development of the fund illustrates the commitment of Jordanian banks to supporting the local economy and fostering development. It also demonstrates the responsibility of banks in handling unexpected difficulties and fluctuations, the most recent of which has been seen in banks’ efforts to mitigate the economic ramifications of COVID-19, Sharkas said.

During the first three quarters of 2022, bank performance indicators showed a positive trend, with total credit facilities increasing by 7.7% compared to 4.4% for the same period of 2021, he said. declared.

Deposits rose 5.8% from 4.5% in the same period last year, he said.

According to Hani Qadi, chairman of the Jordan Capital and Investment Fund Management Company, the fund will help serve as a catalyst for the strategic objectives of the economic modernization vision.

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