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222 units to receive support from Industrial Support Fund 

By JT - Sep 25,2023 - Last updated at Sep 25,2023

Minister of Industry, Trade and Supply, and Minister of Labour Yousef Shamali attends a ceremony, announcing the results of evaluations and the signing of agreements with selected industrial units to benefit from the first round of the three Industrial Support Fund programmes in Amman on Monday (Petra photo)

AMMAN — Minister of Industry, Trade and Supply, and Minister of Labour Yousef Shamali attended an event to announce the results of evaluations and the signing of agreements with selected industrial units to benefit from the first round of the three Industrial Support Fund programmes, namely the Industrial Modernisation, Export Promotion and Export Credit Guarantee.

The results showed that 222 industrial units were selected to receive a total financial support of approximately JD13 million as non-refundable grants and financial guarantees.

During the ceremony, which was held at the Jordan Chamber of Industry, Shamali emphasised the government's commitment to supporting the industrial sector, given its importance to the national economy. 

The Industrial Support Fund is part of the government's continuous support to the national industry, the minister said. 

A total of JD90 million has been allocated  over the next three years (2023-2025) to finance the fund's programmes, he added, noting that the establishment of the fund addresses key challenges facing the industrial sector and maximises its competitiveness in local and global markets.

Fathi Al Jaghbeer, president of the Jordan Chamber of Industry, expressed the industrial sector's appreciation for the partnership with the government, noting that the support provided to these industrial entities will have a positive impact on their operations in the coming period.

The financial guarantees provided by the Export Credit Guarantee programme aim to cover the risks of non-payment by international buyers due to commercial risks and political risks such as legislation and government decisions, Petra added.

 

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