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
