Jordan's JEDCO enters into agreements with 34 SMEs

The companies would implement growth plans to develop their businesses

Image used for illustrative purpose. Modern chic business people working in an incredible futuristic & original office space

Image used for illustrative purpose. Modern chic business people working in an incredible futuristic & original office space

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AMMAN — The Jordan Enterprise Development Corporation (JEDCO) on Wednesday signed agreements with 34 small- and medium-sized enterprises (SMEs) that joined the “Accelerating the growth of economic projects” programme that the corporation launched early in 2019 with funds from the government worth JD360,000.

JEDCO’s CEO Bashar Zu’bi and representatives of enterprises signed the agreements, where the companies would implement growth plans to develop their businesses, according to a JEDCO statement.

These enterprises had been chosen according to their growth capabilities and their expansion ambitions, the statement said.

Zu’bi noted that Jordan faces several economic challenges, with indicators showing that the real economic growth during the first quarter of 2019 stood at 2 per cent, while unemployment rate marked 19 per cent in the same period.

Zu’bi also added that the Kingdom has lost its most important export markets, such as Iraq, Syria, Libya and Yemen for different reasons.

He highlighted the importance of the outcomes of the first phase of the programme that benefited 184 companies through creating 810 job opportunities, registering a total sales growth of JD34 million (10 per cent) and increasing their exports by JD16 million (16 per cent), according to the statement.

The CEO highlighted the significance of the SMEs and their key role in enhancing the national economy and creating job opportunities, especially that they contribute to creating a private sector that is capable of competing at the local and regional levels.

These SMEs are expected to witness a 27 per cent increase in their sales and provide 391 new jobs, in addition to an anticipated rise in export volume by 43 per cent, according to the statement.

JEDCO in late March celebrated the conclusion of the “Accelerating the growth of economic projects” programme, which was funded by the MENA Transition Fund through the European Investment Bank.

The programme was launched in 2015 with a budget of 3.1 million euros.

The programme aimed at supporting and sustaining SMEs in the industrial and service sectors that enjoy high growth opportunities, so as to increase production, competitiveness and exports through training courses and technical guidance, read the statement.

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