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Governorates Development Fund
Governorates Development FundGovernorates Development Fund was launched in 2011 under the patronage of His Majesty King Abdullah II plan with a capital of 150 million JOD, GDF started its operations... in November 2012The GDF is funded by: • 25 million JOD is allocated by the Government Public Budget. • The private sector through public shareholding companies and large private companies. • International fund and organizations: European Union, European Investment Bank, Islamic Development Bank, Arab Fund for Economic and Social Development and the World Bank. The fund aims to:1. To support productive projects and entrepreneurial initiative that provides new jobs in a sustainable manner 2. Strengthen the partnership between the public and private sectors and civil society institutions in the development of the governorates. 3. To invest in small, medium and large businesses.Selection Criteria:The selection of projects is based on the analysis, the study and evaluation of several factors, including: 1. The priority and the need of the project 2. Feasibility of the project 3. Return on national economy 4. Creation of job opportunities for Jordanian labor and replacing expats57 projects have been approved for funding so far:• Total investment of $ 87 million JOD. • Fund has contributed with 34 million JOD which is (41%) of the total capital while the rest is covered by the entrepreneurs. • Expected to create 1875 Jobs opportunities. • Projects are distributed in all governorates of the KingdomMajor projects supported by GDF:• Gypsum extraction projects • Textiles and clothing factories • Plastic Industries • Washing Machines factory • Processed meat factories • Food industry • Tourism and hotel projects. • Recycling of industrial products • Agricultural projects • Car Maintenance and Service Center • Student Services center for consulting, education and trainingOne of the Success Stories:Washing Machines Factory was established in 2012, with the support of GDF 2012 in the Al Hassan Industrial Estate in Irbid. The production line in the factory began in 2013 as a first stage.The project total investment is 2 million JOD, and the contribution of GDF was 1.140 million JOD, (57%) of the total investment.The factory currently employs 30 Jordanian workers; the number will rise to 40 workers by the end of this month, and will reach 300 in two years within the expansion plan.
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