Micro, Small and Medium Enterprise (MSME) development for inclusive growth: The IBRD project has had a strong impact on developing this sector in Jordan through promoting inclusive financial intermediation.This has increased the role of MSMEs in creating entrepreneurship and employment. The project has resulted in the creation of over 1,000 private sector jobs and contributed to poverty reduction during a period of deteriorating macroeconomic conditions. About 62% of the project’s beneficiaries were located outside Amman, where unemployment and poverty rates are high. The project also succeeded in mainstreaming gender, with women-owned enterprises representing 57% of the beneficiaries. Youth, who suffer from the highest unemployment rates, represented more than 21%.
Second Education Reform for knowledge economy: IBRD funding has been used for the expansion and piloting of quality kindergartens and highly innovative, alternative childcare all over the country, with the gross enrolment rate increasing from 52.3% in 2009/10 to 58.9% in 2014.An Open Education Management Information System was set up with commitment by the Ministry of Education to continue publishing monitoring and evaluation reports on its website, promoting a culture of transparency in the sector, and the construction and rehabilitation of schools for students. Enrolment rates in primary and secondary education have increased from 96.9% to 98.1%, and 60.4% to 76.9%, respectively.
Justice Sector Reform: Improving community-driven legal aid for the poor (Japan Social Development Fund) and extending legal aid to displaced Iraqis and Palestinians (State and Peace-building Fund) to provide improved legal services to vulnerable persons, such as the poor, as well as Iraqi, Palestinian, and Syrian refugee communities. Counseling has been provided to more than 3,400 beneficiaries and legal representation to almost 1,500. Public awareness and information events have helped more than 6,800 vulnerable persons, roughly two-thirds of the beneficiaries were women.
International Finance Corporation (IFC): The IFC’s investment program in Jordan has ramped-up in recent years with the portfolio growing from US$50 million in fiscal year 2005 to US$678 million in January 2014, concentrated in transport, chemicals and power sectors. IFC’s total exposure is close to US$1 billion. This US$310 million of mobilized investment , the highest ever IFC investment program in Jordan. The majority of this has been supporting infrastructure (power and transportation) and manufacturing (pharmaceuticals and chemicals).
In November 2013, the IFC committed an important debt package of US$221 million to the development of a wind farm in Jordan, the Tafila Wind Project, the country’s first privately-owned renewable energy facility. The Queen Alia International Airport (QAIA) is another landmark project.It has been awarded "Gold" for being one of the top 40 Public Private Partnerships (PPPs) in Emerging Markets. QAIA is not only the Middle East's first full airport concession, but the first to use Sharia-compliant finance. The new airport is expected to create 23,000 jobs and will contribute to Jordan's tourism and economic growth. The IFC was the lead advisor to the Government of Jordan in structuring and implementing the project, leading to the award of a 25-year concession to the Aéroports de Paris Consortium, with 54.58% of gross revenue going to the government --the highest revenue-sharing percentage in the world for such a project. The IFC has also assisted in the financial sector by increasing access to finance to underserved groups. Jordan is a key part of the IFC’s regional Education for Employment initiative for the Arab World. Its advisory services in Jordan are expanding to projects in PPPs, corporate governance, doing business, regulatory simplification, financial infrastructure, and access to finance. The IFC has advised the first Credit Bureau and helped with legislation for greater access to finance for SMEs, corporate governance, and investment climate reforms.
Multilateral Investment Guarantee Agency (MIGA): MIGA’s outstanding gross exposure from investments into Jordan stood at US$212.9 million as of the end of January 2014. In fiscal year 2013, MIGA issued a US$13 million political risk insurance guarantee to a U.S. investor for the expansion of the A.S. Samra Wastewater Treatment Expansion Project. MIGA’s support sent a strong signal that Jordan remains a viable investment with the agency looking to support more projects in the country.