AMMAN — Jordan’s Innovative Startups and SMEs Fund (ISSF) exceeded most of its operational and investment targets during its first phase, mobilising nearly $109 million in private capital and providing financing to 180 companies, according to a World Bank review.

 

The fund mobilised $108.9 million in private capital through August 2025, surpassing its target of $71.5 million, while 180 companies received financing, compared with an initial target of 150, Al Mamlaka reported, citing a report by the World Bank’s Independent Evaluation Group (IEG).

 

The project achieved or exceeded all but one of its output indicators, with its overall outcome rated “satisfactory”, the report said.

 

The project was designed to increase early-stage private equity financing for innovative small and medium-sized enterprises in Jordan. It provided support through direct and indirect investment, as well as accelerators, incubators, investment-readiness programmes and business development services, according to the IEG report.

 

Women-led companies accounted for 26 per cent of companies receiving venture capital financing, slightly exceeding the 25 per cent target. Youth-led companies accounted for 43 per cent, more than double the original target of 20 per cent.

 

The number of financial intermediaries receiving financing through the project reached 22, compared with a target of 10, the report said.

 

The ISSF also supported 712 companies through investment-readiness and business development services, exceeding its target of 675. A total of 317 beneficiaries received acceleration services, more than twice the target of 150.

 

Private capital mobilisation

 

Private capital mobilised through August 2025 reached $108.9 million, about 52 per cent above the project’s $71.5 million target.

 

Of the total, $55.7 million was mobilised for early- and seed-stage investments, compared with a target of $14.5 million. Venture capital investments accounted for a further $53.3 million, slightly below the $57 million target.

 

According to fund data, the project helped create 2,624 full-time jobs, with average wages equivalent to 3.5 times the national average.

 

The project was originally estimated to cost $63.875 million, including $50 million in World Bank financing and $13.875 million from the Central Bank of Jordan (CBJ).

 

By the time the project closed, actual expenditure stood at $58.74 million.

 

The World Bank’s $50 million contribution was fully disbursed, while the CBJ contributed $8.74 million, Al Mamlaka reported.

 

Actual project spending included $48.37 million for the equity and quasi-equity financing programme, $4.58 million for deal-flow generation, and $5.66 million for project management, coordination, monitoring and evaluation.

 

The CBJ had committed to contributing $48 million over the lifetime of the fund. Its contribution stood at $28.9 million at the time of project closure, followed by an additional $19.1 million after the project had closed.