Parliament to convene for extraordinary session

AMMAN — Parliament will go into recess as of Sunday May 15 after a Royal Decree was issued on Thursday dissolving the current ordinary session, according to the Jordan News Agency, Petra.

Another decree was issued on Thursday summoning Parliament to convene for an extraordinary session to commence as of May 16 in order to endorse the draft investment fund law for 2016, Petra reported. 

Lawmakers are mandated to only complete deliberations over the draft investment fund law.

According to the Constitution, lawmakers can only debate bills that are listed in the Royal Decree during extraordinary sessions.

During Tuesday's session, the Lower House referred the said bill to its Economy and Investment Committee for review amid reservations over the proposed fund. 

Some MPs suggested the bill should be rejected, citing concerns over establishing a new independent public institution, while others called for merging the planned fund with the Investment Commission or other entities of similar nature.

In response to lawmakers' concerns, Prime Minister Abdullah Ensour said that Saudi Arabia is interested in investing in Jordan and wants to protect its investments and seek incentives and facilitation. 

He also said the new law exclusively concerns the sovereign funds of other states, adding that the government is in negotiations with Saudis to benefit from them.

Jordan and Saudi Arabia have recently agreed on a joint coordination council to oversee investments by the Saudi Public Investment Fund.

The premier also told lawmakers that the mega projects included in the law will enjoy special incentives and exemptions, adding that the capital of the envisioned investment fund has not been defined yet and will be left for the future. 

The bill allows sovereign funds and Arab and foreign investment institutions to invest in a set of projects specified in the bill.

Under the draft law, a fund named “Jordan Investment Fund” is to be established as a legal person of financial and administrative independence, thus able to possess movable and immovable assets and conduct all necessary legal measures to achieve its goals.

Article 8, Paragraph A stipulates that sovereign funds and Arab and foreign investment institutions are to establish a shareholding company or more to invest in development projects listed in the bill.

In his Speech from the Throne, at the beginning of the 17th Parliament’s ordinary session last year, the King directed the government to present a draft law for an investment fund to implement national development projects that benefit the economy and those who contribute to the fund.

“This fund should attract investments from banks, Arab sovereign wealth funds, private sector enterprises and individuals, targeting national developmental and pioneering projects that yield benefits to the national economy as well as those contributing to the fund.”