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MEEF - Middle East Engineering Projects News & Releases - previous page



Jordan to get $230m from OPIC for several projects

 

AMMAN Three investment agreements were signed here on Wednesday for implementing several projects.

Under the $556 million agreements, $230 million of which will be for Jordan, the Overseas Private Investment Corporation (OPIC) will finance the establishment of three funds, including the Jordan Fund II.

The first fund, at a cost of $150 million and managed by the Jordan Fund Management Company, will provide equity capital to small and medium-size enterprises, focusing on dynamic sectors, such as telecommunications, information technology, financial services, aviation, education and medical/pharmaceutical sectors.

"The projects we announce today will provide vital capital to growing companies in both Jordan and its neighbours in Middle East and North Africa region," OPIC President and CEO, Robert Mosbacher, said Wednesday during the signing ceremony.

The second, a $300 million Emerging Markets Housing Fund to be managed by International Housing Solutions, is designed to capitalise on the rapid growth of housing demand, as it is expected to generate 87,000 units of affordable housing. The focus will be on South Africa and Jordan with over $45 million to be invested here.

"Efforts have succeeded in transforming the public sector oriented economy into one where private sector plays an increasing role," said Planning and International Cooperation Minister Suhair Al-Ali in highlighting the key role of the private sector in the reform process.

"The investment funds will assist the national economy in securing long-term growth capital and enhance overall economic development," Al-Ali added.

She indicated that foreign investments in Jordan have increased from $343 million in 2003 to $2.6 billion in 2006.

The third EuroMENA Fund, to be established at a cost of $113 million and managed by The Capital Trust Group, is designed for middle market companies to build more efficient and profitable regional businesses in diverse sectors, such as banking and insurance, construction materials and services, pharmaceuticals, chemicals, cosmetics, food and beverage production and consumer products.

The OPIC was established in 1971 as an agency of the US government. It helps US businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment and supports US foreign policy.

Over the agency's 35-year history, the OPIC has supported $164 billion worth of investments.

Jordan Times - Menafn
 


 

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