Memorandum of Understanding paves way for enhanced economic competitiveness
- Investment Climate and Governance Initiative to be launched in Jordan
- Minister Imad Najib Fakhoury and EBRD President Suma Chakrabarti sign MoU
- EBRD and Jordanian authorities agree to improve investment climate and corporate governance
The EBRD is partnering with the authorities of Jordan to improve the country’s investment climate, strengthen economic governance and support the development of the private sector.
Under a Memorandum of Understanding (MoU) the two parties are pledging to work together to support the country’s efforts to enhance the business environment through a number of targeted interventions. The document was signed today by Jordan’s Minister of Planning and International Cooperation, Imad Najib Fakhoury, and EBRD President Suma Chakrabarti, at the Bank’s Annual Meeting and Business Forum in Jordan.
The country aims to establish a unified national platform for public-private dialogue to support the communication and cooperation between the authorities and the private sector; promote corporate governance in the corporate and banking sectors; develop the local capital market; and expand the implementation of commercial mediation.
Moreover, the Bank will help the government of Jordan to implement measures that will improve public procurement and introduce technology to enable small and medium-sized enterprises to participate in the public procurement process.
The Bank also commits to strengthening the regulatory framework in the Information and Communication Technology (ICT) sector and supporting the delivery of the government’s eGovernment and eServices platforms. These steps will help to cut red tape and improve the operational environment for domestic and foreign investors.
Helping governments of the countries where the EBRD invests to increase transparency, good governance and healthy competition is at the core of the Bank’s Investment Climate and Governance Initiative, which was launched in 2014.
The EBRD started operating in Jordan in 2012 and, to date, has committed over US$ 1 billion to 40 projects there.