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IFC
to invest $12.5m in Jordan's Cybercity
The International Finance Corporation (IFC), the private sector arm of
the World Bank Group, has agreed to lend up to US$12.5 million for the first phase
of the development of Cybercity...
February 09, 2002, 10:16 AM
JORDAN (Star) - The International Finance Corporation (IFC), the private
sector arm of the World Bank Group, has agreed to lend up to US$12.5 million for
the first phase of the development of Cybercity, a world-class integrated industrial
park in Irbid. The project will have a far-reaching developmental impact, creating
up to 20,000 skilled and semi-skilled new jobs as well as stimulating the local
economy.
The $55.9 million project, promoted by the Industry and Information Technology
Development Company (IITPD), has been granted the status of "Qualified Industrial
Zone" (QIZ), which provides companies located in the park quota-free and
duty-free access to the U.S. market. In addition, IITPD has been given a "Special
Export Free Zone" status, which provides a 12-year tax holiday and other
incentives for tenant companies. IITPD is owned by Jordan Industrial and Technology
Park Investment Co., a joint venture between Boscan Middle East Investment Ltd.
and Jordan University of Science and Technology. With an area of 4 square kilometers,
it will be the largest operating QIZ in Jordan.
Mr. Sami Haddad, Director of IFC's MENA Department, noted the positive impact
of the industrial estate on the local economy. "We expect the IITPD industrial
zone to boost the local economy by creating new jobs, attracting foreign investment,
and promoting technology and skills transfer. It will also stimulate a host of
complementary small and medium-sized enterprises that will service tenant companies
and their employees."
Sources : The Star
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