The Jordan Enterprise Fund (ISSF) has received a “Highly Satisfactory” rating from the World Bank, the highest classification in its evaluation standards. The acknowledgment comes from the Bank’s “Implementation Completion and Results Report” (ICR), which reviewed the fund’s first operational phase and confirmed its success in exceeding key investment and operational targets, strengthening Jordan’s venture capital and startup ecosystem.
Quick Facts
- Received top “Highly Satisfactory” World Bank rating
- Attracted $108.9 million in private capital for Jordan
- Supported 160 Jordanian startups directly and indirectly
A Model for Market Intervention
During a roundtable in Amman, CEO Mohammad Al-Muhtaseb detailed how the World Bank’s report validates ISSF’s performance. He stated that the fund has become a mature model for intelligent intervention in local and regional venture capital markets.
“The World Bank’s evaluation reflects the efficiency of the Jordanian model in maximizing the impact of resources and creating an integrated investment system,” said Al-Muhtaseb. He noted that the report concluded the project was “Highly Satisfactory” not just for achieving its objectives, but for surpassing most of them. The World Bank has called for the fund’s experience to be generalized and replicated in other countries facing similar market challenges.
By the Numbers: Impact on Jordan’s Economy
Since its inception in 2018 with $98 million, ISSF’s economic footprint has been significant. The fund successfully attracted 22 investment funds to the Jordanian market, pulling in nearly $109 million in private capital investments. This activity was part of broader investment rounds totaling approximately $338 million through participating VC funds.
This capital injection has supported around 160 startups—135 through investment funds and 25 through direct investments from ISSF. The fund’s activities have also created 2,600 direct jobs and an estimated 5,500 to 10,000 indirect jobs. Notably, 26% of the startups backed by the fund are women-led, highlighting its role in promoting female entrepreneurship.
The Blueprint for Success
The report attributes ISSF’s success to several core factors. First is its professional governance structure; the fund was established as an independent private joint-stock company operating under international best practices for fund management.
Al-Muhtaseb emphasized that ISSF acted as a catalyst, attracting private investment without competing with or crowding out market players. The fund also committed to building the broader ecosystem, allocating $4.6 million to business development services, investment readiness programs, and incubator and accelerator support. This strategy included attracting regional and international funds to Jordan, effectively multiplying ISSF’s own investment by a factor of 2.5 through its portfolio of VC funds.
Bridging a Persistent Funding Gap
Despite the fund’s success, the report highlights a continued high demand for financing in Jordan. The funding gap for the period 2025–2030 is projected to be between $234 million and $885 million. While this points to a challenge, it also underscores a substantial growth opportunity for the market. Al-Muhtaseb noted that the direct investment and support from the Central Bank of Jordan were critical in strengthening the fund’s governance and operational efficiency, contributing directly to its positive results.
About The Jordan Enterprise Fund (ISSF)
The Jordan Enterprise Fund (ISSF) is a private, joint-stock company established in 2018. It was created to address a structural gap in financing for innovative, early-stage, and growth-phase small and medium-sized enterprises in Jordan. Backed by the World Bank and the Central Bank of Jordan, ISSF aims to foster a thriving entrepreneurial ecosystem through direct and indirect investments, stimulating economic growth and job creation.
Source: Al-Ghad
