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Planning Ministry secures funding for ex-servicemen’s enterprises

By JT - Dec 10,2017 - Last updated at Dec 10,2017

Planning and International Cooperation Minister Imad Fakhoury (left) and the director general of ex-servicemen association, retired Maj. Gen. Ahmed Al Ajarmeh, sign a funding deal at the Royal Court on Saturday (Photo courtesy of Planning Ministry)

AMMAN — Planning and International Cooperation Ministry and the Economic and Social Association of Retired Servicemen and Veterans (ESARSV) on Saturday signed a financial agreement worth JD3 million for 2017-2019 at the Royal Court.

According to the agreement, which comes in line with the Royal directives, ESARSV will use the funding as a credit portfolio to finance small productive enterprises for retirees, to contribute to empowering them and improve their living conditions by securing them additional sources of income.

In the presence of Royal Court Secretary General Youssef Issawi, head of the follow-up committee for the implementation of Royal initiatives, the agreement was signed by Planning and International Cooperation Minister Imad Fakhoury and Director General of ESARSV retired. Maj. Gen. Ahmed Al Ajarmeh.

During the signing ceremony, Issawi noted that the agreement highlights His Majesty King Abdullah’s initiatives launched to improve the quality of life for the military retirees, including clubs established across the Kingdom and support for ESARSV’s money-generating and agricultural enterprises.

For his part, Fakhoury said that the financing agreement came in implementation of Royal directives to support this important group.

He noted that such concessional credit facilities constitute direct empowerment tools for military pensioners, as they would help enhance their productivity and instil a culture of self-employment through income- and job-generating small enterprises.

The minister added that according to the deal, the ministry will provide the association with JD3 million over 2017-2019, to be granted to retirees as loans without interests.

He stressed that the ministry would also provide technical support and consultations, including training and feasibility studies through the ministry’s 28 productivity-enhancing “Iradah” centres.

Some 210 retirees will benefit from the loans during the first year, the minister said.

Fakhoury underlined the importance of cooperation between his ministry and the ex-servicemen association, which, he said, has resulted in financing and implementing 78 money-generating enterprises and financing 45 consumer outlets run by the association.

Ajarmeh announced that his organisation has begun preparation to implement the initiative in coordination with the ministry, and the two sides will jointly draft the regulations that govern the project, in addition to establishing a unit to oversee the implementation of the deal.

 

He noted that applications for loans will be accepted as of the beginning of 2018. 

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