Prime minister meets World Bank Group executives

Washington, D.C. Prime Minister Omar Razzaz on Wednesday held talks with executives from the World Bank Group which comprises the World Bank, the International Finance Corporation and the Multilateral Investment Guarantee Agency.

The Prime Minister, who is a leading ministerial delegation for talks with international financial agencies and U.S. administration officials, voiced Jordan’s commitment to maintaining its relationship with the World Bank Group, especially in supporting and providing funding and expertise to the Kingdom.

Razzaz and the accompanying delegation joined a dialogue session with a number of World Bank President’s deputies and those in charge of Jordan within the bank. The discussion touched on key projects financed by the World Bank in Jordan as well as future projects.

During the meeting, the Jordanian economic delegation delivered an assessment of the Kingdom’s economic reforms and projects financed by the World Bank.

The Prime Minister also met with the Executive Chairman of the International Finance Corporation (IFC) and discussed with him ways of joint cooperation in the financing of various economic projects in Jordan.

Razzaz emphasized the strategic relationship between Jordan and the IFC which is currently cooperating with the Government to establish a fund for studies and technical consultations that will be tasked with devising projects to be implemented in partnership between the public and private Sectors.

The Prime Minister spoke about regional challenges that left adverse repercussions on the Jordanian economy, especially the Syrian crisis.

He pointed out that the Government had worked on a five-year matrix to promote economic growth and provide employment opportunities, referring to measures taken to slash expenses and boost revenues.

He noted that his recent visit to Iraq was important and paved the way for the reopening of borders, which will increase exports in addition to signing agreements in areas of trade, energy and oil and reducing customs duties on Jordanian exports.

The Prime Minister said his Government is seeking to further capitalize on the free trade pact with the U.S. and also benefit from the agreement on simplifying the rules of origin with the European Union.

On a February conference in London which will discuss ways of supporting investments in Jordan and its economy, Razzaz said the Government views the event as an avenue to highlight Jordan’s economic drive and lure in support for key and vital projects.

IFC Chief Executive Philippe Le Houerou said: “Jordan is a model investment partner and the talks were fruitful with the Jordanian prime minister.”

He added that Jordan is an important country in the field of investment in the region and investment has increased because of the new approach and the fact that Jordan is a successful country and is trying to progress more in all fields.

As a result of the relationship and cooperation between Jordan and the World Bank, this has encouraged the latter to grant Jordan a new loan this year 2019 under lower interest rates compared with previous loans.

The IFC supports several partnership projects with the private and public sector, small and medium-sized enterprises for low-income earners and entrepreneurial projects in Jordan and the world.

Source: Jordan News Agency