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economic modernization

The government says it will embark on implementing mega ventures and partnership projects with the private sector under the economic modernization executive program at the volume of more than JD10 billion.

The development scheme envisages plans to enhance investment and meet the goals of the 2033 vision of growth and job creation. Prime Minister Bisher Khasawneh has asked relevant ministries and entities to start implementation to meet the “ambitious” goals within timelines, noting that the executive program involves deadlines and a performance and electronic achievement tracking system. The program is a national venture with feasible and realistic goals, and is a roadmap for the national economy over the next ten years, says the prime minister.

The total cost of the economic modernization executive program is estimated at JD10,470,000, of which JD10 million will be allocated for the management and operation of a multi-purpose port within the New Aqaba Port area at the value of JD10 million, JD50 million for the management and operation of King Hussein International Airport in Aqaba, JD290 million for the establishment of a medical university through the Saudi-Jordanian Fund, a green hydrogen and green ammonia production facility worth JD4 billion and a water desalination and conveyance project (the national carrier) at an estimated cost of JD3 billion.

The executive program also incorporates a national railway network, the first phase of which is the Aqaba-Amman railway, at the cost of JD1.9 billion dinars, the Jordan-Iraq electrical interconnection project at JD30 million, the Jordanian-Saudi electrical interconnection project at JD39 million, as well as raising the capacity of the electrical interconnection between Jordan and Egypt to 1,100 megawatt, construction of 15 schools in partnership with the private sector at the value of JD46 million, the Amman-Zarqa Bus Rapid Transit (BRT) project, at the value of JD140 million, a freight and passenger facility at the new King Hussein Crossing Bridge at the value of JD225 million, the development and rehabilitation of the Aqaba Container Terminal worth JD300 million as well as road charge projects that will cost JD40 million.

Also at the core of the economic modernization scheme are investment priorities and initiatives, foremost of which is improving Jordan’s rank in global reports, starting this year with preparing action plans to improve the Kingdom’s rank in the Global Competitiveness Report, the Regulatory Restrictiveness Index (FDI) that measures statutory restrictions on foreign direct investment, the global sustainable competitiveness index, the women, business and the law index, as well as putting in place legislation on environmental protection and drawing up the national investment strategy.

Source: Ammon News

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