Jordan Times
Friday - Saturday, November 23 - 24, 2001
SSC ready to finance key projects in the Kingdom
By Tareq Ayyoub
AMMAN — Director General of the Social Security Corporation (SSC) Ahmad Abdel Fattah said that SSC investments are based on “profit-making factors” and not subjected to “political pressure” from any party in Jordan.Abdel Fattah said that the SSC is ready to take part in financing key projects in the gas, energy and water sectors, which many believe will cost over JD1 billion.
“There is no political pressure exerted upon us from any party,” Abdel Fattah, who was speaking late Wednesday at a seminar organised by the Jordan Businessmen Association, said.
“Our investments are based on a well-calculated plan which focuses on ensuring the maximum profit for the SSC,” Abdel Fattah added.
He was answering a question on reported “pressures” exerted by the government to partially finance the long-awaited Disi water project, which will cost over JD600 million to transport water from southern Jordan to the capital and nearby areas.
It also includes the partial finance of the oil pipeline that will transport crude oil from Iraq to Jordan and the gas transmission pipeline project which will carry Egyptian gas to Syria, Lebanon, Turkey and Jordan.
“Our decision to partially finance these projects will not be based on pressure from any party,” Abdel Fattah told businessmen.
“We will study all these projects thoroughly and see what benefit we can get from them,” he added.
“Our target is to assist our national economy and create new job opportunities,” Abdel Fattah added.
Currently, the SSC includes 377,000 members working in over 14,5000 institutions, or 25 per cent of the labour force in Jordan.
The SSC investments amount to JD1.6 billion, of which over half is deposited in local commercial banks.
Abdel Fattah said that the Investment Unit, which the SSC recently founded, will be responsible for the corporation's investments including “possible steps into the international markets.”
He said that the SSC is discussing expanding the coverage they extend to include other forms,” depending on the revenues which we can get from the subscribers.”
Abdel Fattah ruled out the inclusion of “medical insurance” to the services the SSC currently extends because “this will involve deducting almost 35 per cent of the subscribers salaries which nobody will accept.”
He said that the Jordan Medical Council is debating with the government on this issue, “which could extend this kind of insurance to Jordanian citizens.”