* Investment will support creation of up
to 10,000 new jobs
Washington D.C., October 23, 2001—The International Finance Corporation,
the private sector arm of the World Bank Group, has agreed to lend up to
US$8 million for the expansion of a successful integrated industrial estate
in the Amman area that will have a far-reaching developmental impact. The
investment will support an important sector of Jordan’s economy and potentially
create up to 10,000 new jobs.
The IFC investment in Specialized Investment Company Plc., which owns and
operates Al-Tajamouat Industrial City (ATIC), will support an $18.5 million
expansion project that will add 60,255 square meters of industrial space
to the existing fully occupied 88,500 square meters.
ATIC, established in 1996 and located 20 kilometers from Amman, was granted
the status of a “Qualifying Industrial Zone” in October 1999; this provides
tenant companies with duty-and quota-free access to the U.S. market.
Mr. Sami Haddad, Director of IFC’s Middle East and North Africa Department,
highlighted the project’s significant positive impact on local employment
and added: “The proposed expansion project will also increase Jordan’s
export competitiveness and generate important foreign currency earnings.
In addition, the project will introduce new technologies and training
to the Jordanian workforce in the estate.” Given its proximity to
Amman, Haddad said that “ATIC will continue to boost the local economy
through the increased demand for local goods and services that supply the
manufacturing companies located in the estate.”
Specialized Investment Compounds Company Plc. is listed on the Amman Stock
Exchange and 32% owned by the Salfiti Group. ATIC hosts more than
40 local small and medium enterprises, active in light engineering, production
of plastic goods, beverages, furniture, fixtures, and distribution activities,
as well as 13 large garment manufacturing companies from Pakistan, Jordan,
Hong Kong, Philippines, the US, Korea, and the United Arab Emirates. Currently,
ATIC employs 5,000 people.
The IFC investment is in line with the World Bank Group’s strategy for
Jordan, which emphasizes the promotion of private investment and export-oriented
IFC’s mission is to promote sustainable private sector investment in developing
countries, helping to reduce poverty and improve people's lives. IFC
finances private sector investments in the developing world, mobilizes
capital in the international financial markets, and provides technical
assistance and advice to governments and businesses. Since its founding
in 1956, IFC has committed more than $31 billion of its own funds and arranged
$20 billion in syndications for 2,636 companies in 140 developing countries.
IFC’s committed portfolio at the end of FY01 was $14.3 billion.