ESCWA announces $130m commitment to SMEs, entrepreneurs

AMMAN — The UN Economic and Social Commission for Western Asia (ESCWA) has announced a commitment worth over $130 million for Arab small- and medium-sized enterprises (SMEs) and entrepreneurs, according to a statement from the Jordan Enterprise Development Corporation (JEDCO). 

The Arab SMEs summit concluded on Tuesday with an active participation of entrepreneurs from several Arab countries. 

“Success stories presented at the Summit prove that nothing is impossible when there is determination, perseverance and support,” Rola Dashti, ESCWA Executive Secretary, said during the event. 

Dashti added that ESCWA, along with its partners are putting forth great efforts to localise emerging technologies in the Arab region. 

“Challenges are great, and the road is long but hope in the capabilities of youth is limitless,” said Dashti. 

According a JEDCO statement, ESCWA’s $130 million in support will include digitising 100 companies that are still far from e-commerce and e-platforms. 

ESCWA will also be supporting the financing of projects, training 40,000 youth and providing technical assistance to more than 400 companies in the fields of quality compliance, digital transformation, energy efficiency and the environment.

Meanwhile, Abdel Fattah Al Kayed, executive director of JEDCO, said that Jordan enjoys a “distinguished position” in terms of youth leadership and innovation.

Kayed added that JEDCO’S strategic plan involves developing an incubating environment to support entrepreneurial and creative initiatives.

“JEDCO is launching a number of programmes aimed at supporting small and medium-sized entrepreneurial projects,” Kayed said. 

Kayed stated that these projects include the Rural Development and Employment Programme, the Work Your Project Programme and the Jordanian Industry Modernisation Programme. 

“The focus will be given to food security sectors and industries that use modern technology in addition to projects that directly benefit citizens,” Kayed said. 

According to Kayed, JEDCO’s strategic plan to support SMEs and entrepreneurial projects is intended to increase their contribution to the GDP.