IFC Retained as Lead Financial Advisor to Help Mobilize Private Sector Investment for Ring Road Project in Jordan
In Amman:
Nesreen Abu-Suleiman
Phone: 00962 6 5678050 ext 249
Email: nabusuleiman@ifc.org
Amman, Jordan, September 29, 2008—IFC,
a member of the World Bank Group, today signed an agreement with the government
of Jordan to provide advisory services in support of the Amman Ring Road
project.
IFC will help mobilize private sector investment for the 118-kilometer
expressway, the first road project to be delivered by the private sector
under Jordan’s public-private partnership program. The expressway is being
built in three phases. The first phase is underway and implemented by the
Ministry of Public Works and Housing. It involves the construction of a
41-kilometer road to be completed in 2010. The second and third phases
will involve a 77-kilometer road. The road will eventually be operated
and maintained by the private sector.
Sahel Majali, Minister of Public Works and Housing, said, “The Amman Ring
Road is a dual highway that will form a circle around the city and bypass
urban development areas. The objective is to relieve the city of traffic
congestion, eliminating traffic from regional trucks on the streets of
Amman and Zarqa, improving access, reducing travel costs, and minimizing
road accidents through a high-quality road that conforms to international
standards.”
“The Amman Ring Road will boost the public-private partnership program
launched by the government in June 2008 with the objective of enhancing
the participation of the private sector in building public infrastructure
projects and providing quality services to citizens at fair prices,”
said Abdel-Rahman El-Khatib, Chairman of the Executive Privatization Commission
and the government’s representative at the signing. “The Executive Privatization
Commission is committed to implementing an efficient and successful public-private
partnership program using international best practices, by engaging experienced
and reputable advisory companies like IFC.”
Ahmed Ali Attiga, IFC Resident Representative
and Head of Mission in Jordan, said, “Jordan’s commitment to continue
developing its public-private partnership program is an important step
toward improving the country’s infrastructure. IFC has global experience
in providing advisory services in sustainable public-private partnership
projects, and we are pleased to support the Jordanian government again
in implementing this pioneering transaction.”
The project, which will be implemented on a build-operate-transfer basis,
will be supported by IFC Advisory Services in the Middle East and North
Africa – PEP-MENA – which helps develop viable public-private partnerships
in infrastructure, improve the business and regulatory environments, strengthen
the financial sector, and promote growth of small and medium enterprises.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that people should have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org
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