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Royal directives: Planning Ministry signs JD1m finance agreement for lending portfolio

By JT - Dec 06,2021 - Last updated at Dec 07,2021

Minister of Planning and International Cooperation Nasser Shraideh and ESARSV Director General retired Major General Ismail Shobaki sign an agreement on Monday (Photo courtesy of Planning Ministry)

AMMAN — The Ministry of Planning and International Cooperation and the Economic and Social Association of Retired Servicemen and Veterans (ESARSV), in implementation of the Royal directives, on Monday signed a JD1 million finance agreement for the lending portfolio.

The agreement also combined the previous three lending portfolios that the ministry funded over 2018-2020 with a total of JD3 million under the title “The Revolving Fund for the Lending Portfolio of Retired Servicemen”, leaving the total financing value offered by the ministry to the portfolio at JD4 million.

Planning Minister Nasser Shraideh and ESARSV Director General retired Major General Ismail Shobaki signed the new agreement, according to a ministry statement.

Shraideh stressed that the fund is one of the economic empowerment tools for retired servicemen that enhances their productivity and instils a culture of freelance and self-employment through implementing small-scale income generating enterprises.

The minister said that the agreement is in response to Royal directives to support veterans and a gesture of appreciation for their services they have and are still offering to the homeland. 

Under the agreement, he said that the responsibility of the fund will be tasked with the ESARSV that will prepare executive plans for the fund and follow up on the work progress, apply accredited loan standards and criteria, pay field visits and assess these projects. 

Shraideh said that the first three phases of the lending portfolio financed 765 production projects for military retirees in various commercial, service, agricultural, industrial and tourist fields under the soft loan principle. 

Shobaki expressed his appreciation for His Majesty King Abdullah’s keenness and directives to offer means that can serve military retirees and improve their living conditions, praising the pivotal role of the ministry and all stakeholders that contributed to translate Royal directive into reality. 

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