UK and Jordan Host London Initiative for Jordan Growth and Opportunity
On February 28th, team members from 17 Asset Management attended “Jordan: Growth and Opportunity, the London Initiative 2019,” a major international conference in London to support investment, growth and jobs for Jordan, co-hosted by the Government of Jordan and the UK Government. Political leaders, bilateral partners and donors, CEOs and private sector leaders joined the UK Prime Minister, Theresa May, and His Majesty King Abdullah, who both gave remarks at the conference. Mary Nazzal-Batayneh, a Founding Partner at 17 Asset Management spoke on the tourism panel on issues related to film tourism, heritage tourism and enabling women in the Jordanian economy.
At the conference, Western and Arab allies to Jordan committed to renewed financial support for programming to boost Jordan’s economic growth. The UK announced it would increase bilateral support to Jordan to up to £650 million over five years, a doubling of the UK’s previous funding. In addition, the UK will underwrite a $250 million World Bank loan to Jordan, allowing the country a lower loan repayment rate. France committed £1 billion in loans and grants to Jordan over the next four years, and Japan announced its intention to provide Jordan with a $100 million grant and a $300 million loan.
The conference also explored opportunities to bolster Jordan’s investment ecosystem to develop and finance bankable growth projects, specifically with the presence of high-level investors and business people from over 60 countries, as well as business community leaders in Jordan. Major industry initiatives that were highlighted include the ITS industry, high-end services, tourism and hospitality, and film and media. Ms. Bazzal-Nazareth spoke to how the film industry could be used as a gateway to employment and tourism for Jordan, citing how hit movies such as Disney’s Aladdin were filmed in Jordan, and how these could spur fans to visit Jordan.