The Jordanian Minister of Tourism and Antiquities Osama El-Dabas confirmed the approval of the Cabinet Premiership on the memorandum of understanding that was recently signed with Arab Tourism Organization around establishment of Tourism Development Fund in Jordan in collaboration with the Arab Tourism Organization with a capital of 300 Million Dollars.
The signature was effected during a recent visit to Kingdom of Saudi Arabia on top of a tourism delegation.
The Minister said that the memorandum of understanding with Arab Tourism Organization stipulated on several items foremost of which establishment of Tourism Development Fund in the Hashemite Kingdom of Jordan and the wish of both parties in activating this fund.
The two sides agreed on the general framework for prospected cooperation concerning establishment and management of the Tourism Development Fund of Hashemite Kingdom of Jordan for financing the small, medium and large projects of tourism nature in the kingdom of Jordan, while the second party will provide all facilities with the concerned authorities in respective country pertaining the establishment of the fund.
He added that upon this memorandum the First Party (Arab Tourism Organization) and strategic partners are establishing the Tourism Fund for financing the Tourism projects in the Hashemite Kingdom of Jordan and also providing sources of finance to these projects through International and Arab investors as well as members at the Arab Tourism Organization.
He made it clear that each presented tourism investment project will be studied by Ministry of Tourism and investors solely. In case of agreement between the two parties an independent agreement will be concluded between the fund and the project developer. The Fund board of directors is free in accepting and selecting the projects presented by the Ministry of Tourism and the organization.
The memorandum was signed by the Minister of Tourism and Antiquities Osama El-Dabas on behalf of the Jordanian side and for the Arab Tourism Organization Chairman Shaikh Bandar ben Fahad Al Fahid.
