Innovative Startups Fund Project (WB-P161905)

Countries
  • Jordan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 23, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Jordan
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 63.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Aug 13, 2017

Disclosed by Bank Apr 5, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
The objective of the Innovative Startups Fund Project for Jordan is to increase private early stage equity finance for innovative small and medium enterprises (‘SMEs’). There are three components to the project, the first component being equity/quasi equity financing program. Under this activity, the ISSF is expected to invest US$50 million in approximately 200 companies plus US$3.5 million to be provided as investment support to partner investors. Investments will be opportunistic across all sectors (sector agnostic). However, it is expected that investments will be primarily in technology, media, telecom and service sectors with some in agribusiness, pharmaceuticals, water, and green energy. Investments will not involve real estate, construction, or heavy manufacturing. The second component is the deal flow creation support. The quality and number of viable investments made by the ISSF will depend on a strong ecosystem able to generate entrepreneurship opportunity across Jordan and channel it into more viable startups. This includes programs that include outreach to entrepreneurs from lagging regions, underserved industries (other than ICT), and underserved groups like women entrepreneurs. Finally, the third component is the project management, coordination and monitoring and evaluation. Funds under this activity will cover the ISSF project management costs over the project life.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Jordan Loan Guarantee Corporation Mohammed Al-Jafari Director General mjafari@jlgc.com ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

How it works

How it works