Gov’t injects over JD45 million into industrial support fund

AMMAN — In a bid to bolster the Kingdom's industrial sector, the government has implemented programmes through the Ministry of Industry, Trade and Supply and various institutions via the Industrial Support and Development Fund, injecting over JD45 million. 

The allocated fund represents 50.2 per cent of the total budget, approximately JD90 million, with the aim of empowering local industries, enhancing competitiveness, and exploring new markets, according to the Jordan News Agency, Petra. 

Since its establihsment in 2022, the fund’s four programmes have benefited 395 industrial establishments in 2023, out of a total of 1,084 beneficiaries. 

These programmes, which include the Output-Based Incentive Guarantee Programme, the Industrial ModernisationProgramme, the Export Credit Guarantee Programme, and the Export Promotion Programme, are designed to diversify national income sources, create job opportunities, reduce poverty and unemployment, increase exports and sales, and contribute to the growth of the gross domestic product.

The first round of the fund’s programmes received a total of 1,084 applications, including 576 from medium-sized enterprises, 424 from small enterprises, 75 from large enterprises, and 9 from micro-enterprises.

Applications were distributed across sectors, with the food sector receiving 284 applications at 26.2 per cent of the total, the chemical sector receiving 185 applications at 17.1 per cent, the plastics sector receiving 140 applications at 12.9 per cent, and other sectors receiving the remaining 475 applications at 43.8 per cent.

Geographically, the majority of applications were concentrated in Amman, with the fund receiving 759 applications, representing 70 per cent of the total. 

The classification of establishments is based on the number of employees, with small establishments having between 5 and 24 employees, medium establishments having between 25 and 249 employees, and large establishments having 250 or more employees.

On April 4, the Ministry will begin accepting applications for the second round of the fund’s programmes through a dedicated online platform. 

The Industrial Support and Development Fund was established by the government to implement the provisions of the Economic Priority Programme for 2021-2023.