IFC, Jordan partner to open new markets for food, pharmaceutical companies

AMMAN IFC, a member of the World Bank Group, partnered with Jordans Food and Drug Administration to help Jordanian farmers, food producers and pharmaceutical companies increase exports and expand into foreign markets.

The partnership is designed to create jobs and support economic growth, according to a statement posted on the IFC website.

IFC will advise Jordans FDA on improving its inspection regime, adopting international food safety standards, creating harmonised manufacturing standards for medicine and strengthening national guidelines governing the food and pharmaceutical industries.

The reforms should make it easier for Jordanian companies to compete in new markets and help increase exports, which already account for about a third of the countrys gross domestic product. Jordan exports food to 70 nations and is home to a large pharmaceutical industry that specializes in generics.

IFC is implementing this project in partnership with the European Union.

Nizar Mhaidat, Director General of Jordans FDA, said in the statement: To continue exporting their products and increase their sales, Jordanian producers must compete in more demanding markets, with stricter requirements for products safety and quality. The main goal of our partnership with IFC is to improve the access of Jordanian agriculture, food and pharmaceutical products to international markets and open new opportunities for our entrepreneurs.

Abdullah Jefri, IFCs country manager for the Levant countries, said in the statement: This work is part of our broader strategy in Jordan to support a stronger private sector, help mobilise more private investment into high-potential sectors, create new markets and generate jobs. It also supports government efforts to create a better environment for doing business, which will increase the competitiveness of Jordanian companies in export markets and help them grow.

Through the agreement signed, IFC will provide Jordans FDA with legal advice and share lessons learned from other jurisdictions while working with the private sector to increase awareness about the reforms, according to the statement.

IFC will also help Jordans FDA join the Pharmaceutical Inspection Co-operation Scheme, which aims at leading the development, implementation and maintenance of common standards in the field of medicinal products, supporting Jordanian exports into the European Union, the statement said.

IFCa member of the World Bank Groupis the largest global development institution focused on the private sector in emerging markets, according to its website.