The Jordan Securities Commission (JSC) and the European Bank for Reconstruction and Development (EBRD) signed a cooperation agreement to develop the capital market in Jordan and implement its strategy adopted by the Jordanian government in 2017, with the aim of enhancing economic growth.
Both institutions signed a memorandum of understanding on Wednesday, whereby they commit to benefiting from advantages of each of them to make greater progress in the process of developing the capital market.
The EBRD will provide technical assistance in order to improve the resilience of the Jordanian capital market, with support from the Government of Japan amounting to 1.55 million euros through the Japan Cooperation Fund at the EBRD.
“Through this agreement, the EBRD will work to develop the capital market in Jordan in these difficult economic times,” said Director General of the European EBRD for the Eastern Mediterranean region, Philip ter Woort.
He explained that the EBRD’s efforts are focused on diversifying the ways to mobilize capital for the Jordanian private sector within a strong and transparent regulatory framework that allows for a better supervision process, which contributes to sustainable economic recovery in Jordan in light of the Corona pandemic.
The strategy sets 7 goals: increasing investor interest, making the financial market more attractive to exporters, reorienting capital market institutions as private sector operations, making the securities sector more competitive, enhancing the capacity of the JSC, offering more attractive investment products, and developing communication programs with investors and exporters.
Source: Jordan News Agency