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World Bank Supports Establishment of Jordanian Innovative Startups Fund

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)
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World Bank Supports Establishment of Jordanian Innovative Startups Fund

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)

The Ministry of Planning and International Cooperation signed Monday a $50 million facilitated loan agreement with the World Bank to support the establishment of the Innovative Startups Fund.

The Central Bank of Jordan (CBJ) is willing to support the fund with $48 million, Planning Minister Imad Fakhoury said at the signing ceremony on Monday.

Fakhoury added that the Jordanian government continues to put forth reform plans and programs aimed at boosting economic growth, despite the economic and financial challenges, as well as the political and security instability.

The fund translates one of the key and critical recommendations of the Economic Policy Council held in September 2016. It is also in line with Jordan 2025 vision and the recently adopted Jordan Economic Growth Plan 2018-2022, according to Fakhoury.

He added that Jordan Economic Growth Plan 2018-2022 also consisted of a chapter on support to SMEs projects. The chapter focuses on increasing job opportunities through supporting these projects and promoting entrepreneurship and innovation in various sectors.

The fund will help potential entrepreneurs in further developing their business ideas, connecting them with business incubators and providing venture capital to entrepreneurial small- and medium-sized businesses that prove their ability for sustainability and growth, Fakhoury continued.

The fund will be similar to funds established earlier in Lebanon and Morocco with the support of the World Bank.

Fakhoury said they expect the fund to support 200 innovative business ideas across the country, adding that innovative and entrepreneurial businesses have created 40 percent of the jobs in the Kingdom over the period 2006-2011.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.