Government Enters as Partner with Social Security Investment Funds in Power Generation Plant

Al-Taj News – The Cabinet, in its session held today, Tuesday, chaired by Prime Minister Dr. Jaafar Hassan, approved the mechanism for the government’s participation in the combined-cycle power generation plant project with a viable economic return (the Seventh Private Generation Project), after determining the participation of the Social Security Investment Fund in the ownership rights of the project company at 20%, and that the government participate through Samra Electric Power Generation Company at 29%, bringing the total participation to 49%.

The decision comes within the framework of the government’s efforts to support investment projects with an economic impact and to actively contribute to them through partnership with investment entities. The government has worked to participate in major investment projects, such as the Aqaba–Al-Shidiya–Ma’an Railway Project, whose foundation stone was laid yesterday to begin implementation through an equal Jordanian-Emirati partnership, with a value of $2.5 billion.

Samra Electric Power Generation Company will finance its $61 million contribution to the combined-cycle project from its annual own resources, while the Ministry of Finance was tasked with coordinating with the Government Investments Management Company and Samra Electric Power Generation Company to take the necessary financial arrangements, and the Ministry of Energy and Mineral Resources and the Ministries of Transport and Labor were tasked with completing the necessary procedures for implementation.