Trade Ministry announces JD29.63 million in grants for 135 companies to promote economic growth

AMMAN — Minister of Industry, Trade, and Supply Yousef Shamali on Monday announced that 135 companies have received grants from the Industrial Support and Development Fund, sealing agreements totalling JD29.63 million.

"This accounts for 57.2 per cent of the overall expenses earmarked for industrial facility development projects, estimated at JD51.763 million," he said.

Shamali, speaking at the signing ceremony at the Amman Chamber of Industry, said that the programme's objective is to assist beneficiaries in boosting total sales by JD76.1 million and achieving a growth rate of 14.3 per cent, the Jordan News Agency, Petra, reported. 

The minister added that the programme aims to support exports by JD30.84 million, with a growth rate of 14.1 per cent, and generate job opportunities for 1,768 Jordanians at a rate of 25.7 per cent, including 622 females.

He added that this programme aligns with the government’s commitment to supporting the local industry, enhancing their competitive capacities to reduce unemployment rates and stimulate business environment, in line with the priorities of the Economic Modernisation Vision.

Shamali noted that the benefitting enterprises include five large, 77 medium, and 53 small-sized companies, adding that 54 of these are owned and managed by businesswomen, and seven are set to export for the first time.

The financial incentive cap under the programme stands at JD150,000 for small enterprises, JD300,000 for medium enterprises, and JD500,000 for large enterprises, the minister said, adding that JD40 million has been allocated in the 2024 state budget to support the national industries development programme. 

Fathi Jaghbir, chairman of the Jordan and Amman chambers of industry, stressed the programme's significance in bolstering industrial establishments, adding that the government support enhances the exports and sales of the industrial sector and increases its competiveness.