EBRD boosts capital market development in Jordan
Sector strategy seeks to strengthen efforts to build economic growth and create jobs
The EBRD and Jordan Securities Commission presented the Capital Market Development Strategy and Roadmap, which aims to create a capital market capable of supporting the country’s economic development through better provision of finance for the private sector.
The strategy was presented in Amman today under the patronage of Deputy Prime Minister, Rajai Mouashar. It includes a sequence of 121 action items, spread over five overarching themes, all aimed at addressing key challenges for the country’s development. These include improving opportunities for the private sector to raise finance and providing more investment opportunities for the public, as well as improving the resilience of Jordan’s financial system.
The Strategy and Roadmap aims to increase the capital market’s effectiveness, support Jordan’s efforts to build economic growth, create jobs and raise the standard of living for its residents. It is rooted in the broader “Jordan 2025: A National Vision and Strategy”, which specifies over 400 policies and procedures for the general economy that should be implemented through a participatory approach between the government, private sector and civil society.
The event was attended by ministers, investment professionals and senior representatives from across the private sector. Participants provided input on the developments and achievements of the Capital Markets Development Strategy and Roadmap over the last 18 months, identified key issues and explored potential solutions covering legal and regulatory reforms, tax policy, and stock exchange and depository operations, as well as innovative new products.
The EBRD has invested over €1.3 billion through 44 projects in Jordan since it began operations in the country in 2011. Facilitating non-sovereign financing and promoting direct and indirect financing of private enterprises such as SMEs are key priorities for the Bank’s work in Jordan.