Ministry says IBRD branch in Jordan ‘significant step’

AMMAN — Establishing an International Bank for Reconstruction and Development (IBRD) office in Jordan aims to facilitate communication between bank representatives and those in the public and private sectors implementing economic projects, the Ministry of Planning and International Cooperation said on Monday.

The new branch will also help facilitate funding, including concessional loans and technical assistance for areas of priority, according to a Planning Ministry statement.

The IBRD, which is a World Bank Group institution, is one of the Kingdom’s strategic partners in economic and social development, the statement added. 

The IBRD also supports Jordan by providing it with concessional funding for the public budget, in addition to financing projects across a number of high-priority development sectors.

In addition to assisting the government with job creation, the IBRD facilitates the provision of basic services such as education and healthcare, according to the ministry. 

The institution also supports the Kingdom’s efforts to shoulder the burden of the Syrian refugee crisis, the statement said, adding that the bank’s credit in Jordan amounts to approximately $3 billion, divided among 15 development projects.

The bank recently provided concessional funding to support the Kingdom’s public budget through the $1.45 billion Second Equitable Growth and Job Creation Development Policy Loan. 

The loan aimed to help the Kingdom create and improve foundations for opening direct foreign investment markets, lowering business costs and establishing a flexible job market.

The IBRD previously operated in Jordan through the International Finance Corporation’s office established in the Kingdom in 2015, which is also a World Bank Group institution, according to the statement.   

The Planning Ministry added that the new IBRD office is a “significant step towards achieving cooperation between the two sides” and enabling the bank to continue its operations in Jordan.