Jordan banks launch largest investment fund

Amman: A coalition of 16 Jordanian banks launched the Jordan Capital and Investment Fund with a JD275 million capital commitment, becoming the first and largest investment fund of the private sector in the Kingdom. The fund was officially registered with the Ministry of Investment under the 2022 Investment Environment Law and is in line with the national economic modernization vision's goals, according to a statement. It targets investment in promising companies with opportunities for growth, development and expansion through providing finance to increase job opportunities and enhance growth across the Kingdom, the statement said. The fund aims to invest in vital and promising sectors and high-value industries, such as food and health security, manufacturing and information and communication technology, "with the aim of harnessing Jordan's potential in building the future," it said. The Fund is a key enabling tool toward achieving the strategic goals of accelerated growth through fully utilizing Jordan's economic potentials, according to Jordan Capital and Investment Fund Board Chairman Hani Al-Qadi. There is faith in Jordan's potential as a promising investment market, he said, adding that the opportunities are there to launch targeted investments with a measurable economic and social impact that will bring many benefits, in addition to a sound financial dividend for investments. Source: Jordan News Agency