DUBAI: The United Arab Emirates signed a $100 million agreement with Jordan to boost small and medium-sized enterprises (SMEs) in Jordan.
The multimillion-dollar agreement was finalized during the official visit of Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan to Amman earlier this week.
The cooperation and financing pact will support entrepreneurship in Jordan, funding around 22,000 projects over five years, as well as generate around 28,000 jobs for the Jordanian youth.
“The agreement reflects the depth of relation between the two countries. It aims to strengthen cooperation with regional and international institutions that support entrepreneurship and SMEs,” according to Hussain Jasim Al Nowais, chairman of the Abu Dhabi-based Khalifa Fund for Enterprise Development.
The Khalifa Fund will implement the developments, along with Jordan’s Crown Prince Foundation.
The agreement will also implement special initiatives for women, the youth, and other disadvantaged groups – with women-focused projects accounting for 47 percent of the developments, and rural areas getting 40 percent of the fund.
“Our partnership with Khalifa Fund will support the Jordanian youth in general, and those belonging to disadvantaged areas in particular,” Fawaz Al-Zu’bi president of the Jordan Crown Prince Foundation’s board of trustees, said.
The UAE last month extended a Dh3 billion ($833 million) economic aid package to the Jordanian government to boost the kingdom’s economic growth.