- Creating job opportunities in Jordan
Creating job opportunities in Jordan
US$70.5m loan will support Jordan’s COVID-19 action plan
The Jordanian economy contracted by 1.6 percent in 2020. Unemployment rose to 24.7 percent in the fourth quarter of 2020, with youth unemployment rates reaching an unprecedented 50 percent, according to World Bank analysis.
The Jordanian government therefore has adopted a COVID-19 response action plan to help mitigate the socioeconomic impact of the pandemic by providing social safety net programs and stimulus packages that aim to retain workers across various economic sectors and create jobs, especially for youth and new graduates.
The recently signed US$70.5 million OPEC Fund loan will specifically support the creation of some 14,500 jobs in the forestry and tourism sectors; subsidize the employment of fresh graduates in the information and communication technology sector – thereby helping retain around 100,000 jobs; and strengthen the staffing of various healthcare institutions. This loan is part of the OPEC Fund’s US$1 billion commitment to collective and coordinated COVID-19-related assistance for developing countries worldwide.
OPEC Fund Director-General Abdulhamid Alkhalifa said: “As Jordan recovers from disruptions related to COVID-19, creating employment opportunities for youth remains especially critical. The OPEC Fund is pleased to partner with the Jordanian government and the World Bank to support job creation in key sectors and to help increase economic resilience.”
Including the present loan, he OPEC Fund has committed more than US$322 million to support public, private and trade finance operations that are helping strengthen Jordan’s energy, health, education and agriculture sectors.