Kuwait fund interested in investing in Jordan's projects
The Kuwait-based Arab Fund for Economic and Social Development on Wednesday expressed interest in investing in the Kingdom’s alternative energy projects.
Fund Chairman Abdul Latif Al Hamad also said the fund is willing in principle to extend soft loans to the Governorates Development Fund, the Jordan News Agency, Petra, reported.
Meanwhile, Prime Minister Fayez Tarawneh held talks with his Kuwaiti counterpart, Sheikh Jaber Al Mubarak Al Sabah, and discussed boosting cooperation and coordination on all levels.
During his visit to Kuwait, Tarawneh met with Hamad and thanked him for the fund’s continuous support to Jordan.
The premier highlighted the government’s efforts to enhance the investment environment and the impact of regional challenges on Jordan, especially the Syrian crisis.
Finance Minister Suleiman Hafez, who is accompanying Tarawneh, said several Jordanian projects would benefit from the fund’s soft loans, such as the railway project, energy plans and the Red-Dead project.
He stressed that the cut in the Egyptian gas supply has forced the Kingdom to look for other alternatives to ease the burden on the state budget.
Hamad underlined the fund’s commitment to cooperate with Jordan to enable it to achieve high development rates.
He added that the fund will soon conduct a study on the situation of railways in the Arab world.
Trade Minister Shabib Ammari, who is also accompanying the premier, voiced hope that the fund would finance small- and medium-sized businesses in Jordan.
At a lunch banquet with Kuwaiti investors hosted by Jordan’s Ambassador Mohammad Kayed, Tarawneh voiced the government’s commitment to providing an investor-friendly environment.
He expressed appreciation of the role of Kuwaiti investors, as their investments in Jordan have reached around JD10 billion.
Hafez said a committee that includes representatives of the customs, tax and lands departments will visit investors regularly to ensure that their work is going smoothly.
Ammari said the investment law which the government is currently drafting will be aimed at eliminating red tape.
The premier also received representatives of the Kuwait Investment Authority and the Kuwait Fund for Arab Economic Development at his residence in Kuwait.
The prime minister highlighted investment opportunities in Jordan, urging the Kuwait fund to establish an office in Jordan to boost cooperation.
Earlier on Wednesday, Tarawneh conveyed a message from His Majesty King Abdullah to Kuwaiti Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah, voicing Jordan’s commitment to boosting bilateral ties at all levels.
During a meeting with the emir in Kuwait, the two discussed prospects for further cooperation in the political, economic and investment fields, Petra reported.
Discussions also covered the latest developments in the Middle East and the need for Jordan and Kuwait to coordinate their stances on regional issues.
Regarding Syria, the premier and the Kuwaiti leader underlined the need to defuse the crisis which Syrians are living through, calling for bolstering international efforts to ensure the safety and stability of the region.
Tarawneh, who began a two-day visit to Kuwait, highlighted the political and economic situation in the Kingdom and the reform programme Jordan is embarking on, in addition to the economic hardships facing Jordan and the government’s efforts to address imbalances in the economic system.
He invited Sheikh Sabah to visit Jordan.
For his part, the Kuwaiti leader expressed his keenness to develop cooperation, particularly in the countries’ positions towards regional and international issues, Petra reported.
Meanwhile, Tarawneh and the accompanying delegation discussed bilateral ties with Kuwaiti National Assembly Speaker Ahmad Abdul Aziz Al Sadoun.
- 7% of Emaratis had to deal with a false positive with their bank - survey
- Trade between 18 Arab countries hikes to $2.1 trillion - IMF
- Allocating more funds to SWF would improve Saudi wealth returns
- Sovereign wealth funds in GCC focus more on local investments
- US economy improving only for owners of inflated stocks and real estate