LONDON: One hundred and thirty-five Jordanian companies have been granted a total of JD29.6 million ($41.8 million) in non-refundable agreements from the Industrial Support and Development Fund, it was announced on Monday.
The funding accounts for 57.2 percent of the estimated JD51.763 million required for various industrial facility development projects, Petra news agency reported.
During a ceremony at the Amman Chamber of Industry, Minister of Industry, Trade, and Supply Yousef Shamali said the program aims to increase total sales by JD76.1 million, reflecting a growth of 14.3 percent.
It also aims to increase exports by JD30.84 million and create more than 1,700 job opportunities for Jordanians, including 622 for women.
The initiative is part of the Jordanian government’s broader commitment to revitalizing local industry, with the goal of improving its competitiveness, reducing unemployment, and stimulating the country’s business environment, Petra added.
Shamali emphasized the diverse nature of the recipients, which included five large, 77 medium, and 53 small businesses. Fifty-four of these companies are led by women, and seven are getting ready to export for the first time, the report said.
The program establishes a financial incentive cap of JD150,000 for small businesses, JD300,000 for medium businesses, and JD500,000 for large businesses.
The draft budget for the coming fiscal year will include JD40 million to support this initiative.