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    LH passes Cities and Villages Development Bank Law By JT - Mar 14,2022

    March 15, 2022
    banking

    AMMAN — The Lower House on Monday endorsed amendments to the Cities and Villages Development Bank Law.

    The bill includes changing the name of the bank to the Local Development Bank and preparing policies for the Governorate Development Bank after transferring its tasks from the Jordan Enterprise Development Corporation (JEDCO), under a Cabinet decision made in 2019, the Jordan News Agency, Petra, reported.

    Six weeks ago, the Lower House’s Economy and Investment Committee recommended referring the Governorate Development Fund case to the Jordan Integrity and Anti-Corruption Commission after reporting money losses and the “stumbling” of several projects, established in 2011.

    The draft law increases the number of directors on the bank’s board, from nine to 11 members, and states it to be chaired by the minister of local administration.

    The bill also increased the announced capital of the bank to JD110 million, where its assets will be deposited at the Central Bank of Jordan or any licensed bank. The bill allows the bank to buy, sell or own government securities, provided that their value does not exceed 20 per cent of its capital.

    The bill also commits ministries and public institutions to provide the bank with data so it can prepare a database for municipalities that, in return, shall provide the bank with data for all its financial accounts at commercial banks.

    During the session, chaired by Acting Lower House Speaker Ahmad Safadi, MPs referred to several issues related to unemployment, violations on nature reserves, conditions of Jordanian students in Ukraine, food price hikes and service-provision issues.

    Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan said that the government is currently working on a national employment project in cooperation with the private sector to address the increasing unemployment rates.

    jordantimes

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