Jordan plans $20bn of projects

24 May 2015

2025 plan will be largely driven by public private initiatives

Jordan has announced $20bn of projects during the World Economic Forum held in the country on 21 to 23 May.

Several agreements and joint projects were signed, worth a total $6.9bn, according to the state news agency.

The projects are part of a new 2025 development plan and will cover urban development, water infrastructure, and a diversified, long-term energy platform.

“Our 10-year economic blueprint, Jordan 2025, will enable us to move fast to diversify resources, develop infrastructure and capitalise on strengths,” said King Abdullah II in a speech to the forum. “This plan will be delivered through public and private partnerships and to a large extent through projects of over $18 billion to be announced today.”

He predicted GDP growth of almost 4 per cent in 2015, up from more than 3 per cent in 2014.

Canada’s Questerre Energy Corporation signed a memorandum of understanding (MoU) with the Ministry of Energy & Mineral Resources to study and develop shale oil in Jordan.

The MoU encompasses two blocks covering 388 square kilometres in the Isfir-Jafr area, approximately 200 km south of the capital, Amman. A total of 35 core holes have already been drilled on these two blocks by the Natural Resources Authority of Jordan.

The initial term of the MOU is two years and may be extended. Questerre estimates its commitments in the assessment stage could be range between $3m and $5m.

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