Font Size
Share this article


Print Friendly Version
25 March 2020
HALAL ECONOMY

World Bank approves Jordan’s $200 million project

The Youth, Technology and Jobs project is financed through a $163.1 million contribution from the International Bank for Reconstruction and Development and a $36.9 million grant from the Global Concessional Financing Facility

Information technology activities achieved a growth of 11.64 per cent between 2014 and 2018 in Jordan/Shutterstock

by Kudakwashe Muzoriwa

The World Bank Group’s Board of Executive Directors has approved Jordan’s $200 million project to increase access to employment for the youth and enhance digital government services.

The Youth, Technology and Jobs project seeks to generate 10,000 new income opportunities for youth in the next five years and to digitise more than 80 per cent of government payments and mobilise around $20 million in new private sector investments in digital services.

Mothanna Gharaibeh, the Minister of Digital Economy and Entrepreneurship, said, “Investing in human capital will guarantee the most economic and social return for the Kingdom.”

The World Bank stated that the Youth, Technology and Jobs project will adopt an integrated approach that aims to capitalise on Jordan’s potential to grow its digital economy and absorb skilled labour to address two main challenges facing the country, economic growth and job creation.

The project will also support access to markets for entrepreneurs and incentivise businesses to expand their operations in underserved communities as well as improve access for youth to freelancing platforms and improve government digital services and digital payments.

Information technology activities achieved a growth of 11.64 per cent between 2014 and 2018 in Jordan, where annual revenues increased by about $300 million. 

According to the World Bank, the Youth, Technology and Jobs project contributes to the Skilling-Up Mashreq initiative launched by the bank in November 2018 to train at least 500,000 students, graduates, and workers in digital skills in Jordan, Lebanon and Iraq, as these countries pledged to overhaul regulations to rejuvenate their digital economies.


RELATED STORIES: World Bank Youth Technology and Jobs project Jordan


RECOMMENDED NEWS



BRANDS MAGAZINES LATEST EDITION

OUR BRANDS



CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.


Subscribe to our News Letter

Subscribe

© 2019 CPI Financial. All rights reserved.

No part of this website may be reproduced or used in any form of advertising without prior permission in writing from the editor.