Business Growth Activity, a 2021-2026 USAID project focused on startups and SMEs, signed an agreement with Amam Ventures on Wednesday to support the growth and sustainability of SMEs and startups in Jordan.
The agreement addresses the challenges SMEs and startups in Jordan are having accessing financing, and it is expected to help USAID Business Growth Activity achieve its goals of promoting SME and GDP growth, opening up job opportunities, and assisting women’s economic empowerment, according to a USAID statement.
It said that the agreement will play a vital role in enhancing the visibility of women entrepreneurs in Jordan and increase their employment rates.
“We appreciate the collaboration between USAID Business Growth Activity and the private sector to further USAID’s mission and support SMEs and Start-ups in Jordan to move towards a more prosperous and inclusive future. We are also excited about USAID Business Growth Activity’s efforts to seek out woman-owned and led companies and empower them economically,” said Daniel Swift, Director of Economic Development and Energy Office, USAID Jordan.
The USAID Business Growth Activity will support Amam Ventures in raising capital for a new SME-focused investment fund. The new fund is expected to have a long-term impact on the broader SME ecosystem in Jordan.
As part of this agreement, AMAM will provide access to finance to a larger number of women entrepreneurs, thus benefit benefiting more women-owned and led businesses.
The project’s support to Amam Ventures will include improving pipeline building and deal execution, refining the investment strategy, assisting in the development of investor material to enhance investor engagement, and to provide legal and fundraising support.
“USAID Business Growth Activity is committed to supporting SMEs and Start-ups in Jordan through providing investment facilitation services to enhance growth, create jobs, and empower women entrepreneurs. These goals are in alignment with Amam Ventures mission to promote women’s economic empowerment,” said Wafaa M. Aranki, Chief of Party at USAID Business Growth Activity.
The USAID Business Growth Activity supports Jordan’s SMEs, including Start-ups, to improve their productivity and competitiveness, create employment, foster innovation, promote economic growth, and advance Jordan towards a more prosperous, resilient, and inclusive future. USAID Business Growth Activity will support SMEs with firm-level technical assistance and access to finance provided through tailored mechanisms.
The project systematically incorporates women, youth, and persons with disabilities in all the projects interventions, and identifies issues and challenges facing SMEs. USAID Business Growth Activity is a five-year project (2021-2026) implemented by Financial Markets International.
Source: Jordan News Agency