Madaba, March 18 (Petra) -- The government approved a series of landmark decisions Tuesday focused on economic modernization, infrastructure development, and regulatory reforms during its sixth provincial session held in Madaba Governorate.

Economic Modernization Initiatives
The Cabinet endorsed the Virtual Assets Regulatory Framework Bill for 2025, which will now advance to the House of Representatives for constitutional review.

Government Communication Minister and Official Spokesperson Mohammad Momani revealed the legislation comes less than two months after the Cabinet directed the establishment of a robust regulatory environment for virtual asset transactions, aligning with the Future Technology Council's mandate established at His Majesty King Abdullah II's directive.

"This framework creates the necessary balance between fostering technological innovation and safeguarding financial stability through transparent regulatory mechanisms that enhance compliance with international standards," Momani stated during a post-session press briefing.

The legislation comprehensively governs virtual asset transactions, delineates related activities, establishes oversight mechanisms, and implements protections for market participants. Under the proposed framework, the Securities Commission will assume authority for licensing virtual asset service providers and ensuring adherence to statutory requirements.

The codification of these transactions aims to bolster investor confidence domestically and internationally by creating a transparent legal environment that protects stakeholder rights while encouraging participation in this promising sector.

The framework establishes a secure, sustainable digital financial ecosystem that keeps pace with global developments while mitigating potential risks to the national economy.

In parallel financial sector reform, the Cabinet approved the foundational principles for the Insurance Law of 2025, which will proceed to the Legislation and Opinion Bureau for procedural finalization.

This legislation addresses regulatory gaps identified through practical application and unifies jurisprudential interpretations by establishing a comprehensive reference framework for insurance contracts.

The Insurance Law seeks to balance the interests of contractual parties by organizing their rights and obligations while establishing provisions that address the specificities of various insurance categories, including life, fire, property damage, medical, and maritime coverage.

Key provisions include criminalizing the purchase of insurance claim rights locally known as "krookat" with penalties including imprisonment, fines, or both. The legislation also standardizes disability percentage determinations to prevent overestimation through a dedicated regulatory system.

Prior to drafting, consultations were conducted with stakeholders including the Bar Association, Amman Chamber of Commerce and Industry, Civil Aviation Authority, and Jordan Maritime Authority. The draft was also published on the Central Bank's website for 30 days to solicit public feedback.

Strategic Energy Infrastructure
In a significant energy sector advancement, the Cabinet authorized the National Electric Power Company (NEPCO) to proceed with implementing a 600-megawatt combined-cycle power generation facility as an Independent Power Producer project, similar to previous strategic installations.

This vital infrastructure project will be executed in two phases, with initial operations commencing by end-2027 and full completion during 2028. The facility will utilize natural gas as primary fuel with diesel contingency capabilities and will be constructed in northern Jordan.

The project aligns with Economic Modernization Vision objectives under the growth driver initiative by enhancing electrical system efficiency, reliability, and capacity to meet growing demand at optimal cost structures. The installation will supply approximately 10 percent of the Kingdom's electrical energy requirements.

The combined-cycle technology represents one of the most mature, efficient, and reliable power generation methodologies globally. The project will adopt public-private partnership models, strengthening cross-sectoral collaboration through increased energy infrastructure investment.

Construction is expected to generate over 100 employment opportunities during the two-year implementation phase, with approximately 100 permanent positions created post-commissioning, supporting the local labor market.

Regulatory Reforms
The Cabinet approved regulations governing human medical clinics and centers for 2025, which organize operational requirements, establish licensing conditions, ensure service quality, protect service recipients, and mandate registration on the National Electronic Billing System.

The regulations establish a specialized licensing committee within the Ministry of Health comprising public sector officials, physicians, and private sector representatives. This committee will review licensing applications, conduct site inspections, and perform periodic compliance verification.

Ministers also approved charitable donation collection regulations for 2025, which systematize fundraising procedures to ensure contributions reach intended beneficiaries while enabling charitable entities to support public welfare initiatives.

The framework comprehensively organizes the donation collection process from licensing through expenditure oversight, promoting transparency, accountability, and donor protection while shielding fundraisers from legal liability and safeguarding community members from exploitation.

The regulations prohibit initiating fundraising campaigns without Ministry of Social Development authorization and establish electronic submission protocols through a unified portal. Two primary committees will be formed: a technical committee to evaluate license applications and an appellate committee to review contested decisions.

The framework precisely delineates authorized collection methodologies, including electronic means (websites, applications, digital receipts) and conventional methods (paper receipts, collection boxes, charitable events and markets), with specific conditions for each medium.

Infrastructure Maintenance and Education
The Cabinet tasked the Ministry of Public Works and Housing with maintaining Bus Rapid Transit infrastructure between Amman and Zarqa, allocating three million dinars in the 2026 budget for this purpose. This decision aims to sustain essential maintenance for this vital transit corridor amid significant ridership levels.

Ministers authorized completion of climate control and solar energy system installations for Al-Wasatiyah District schools, including Saydour Elementary Girls School, Kafr Asad Secondary Boys School, Kafr Asad Comprehensive Girls School, Kafr Asad Elementary Boys School, and New Qom School. This initiative completes district-wide coverage of these essential services to enhance the educational environment.

International Cooperation
The Cabinet adopted the final declaration of the Global Disability Summit 2025, which aims to facilitate access for persons with disabilities to exercise their civil, political, social, economic, and cultural rights; remove barriers to their full participation and inclusion; and promote international cooperation to support these objectives.

Palestinian Situation
Opening the press conference, Momani expressed Jordan's strong condemnation of renewed Israeli military aggression on Gaza, which have resulted in hundreds of casualties. "This aggression constitutes an assault on humanity and must cease immediately," he emphasized.

"The Palestinian people have the inherent right to security, stability, and full rights, including the establishment of an independent state on June 4, 1967 borders in accordance with international legitimacy resolutions," Momani stated, highlighting His Majesty's ongoing diplomatic engagements across European capitals to mobilize international efforts toward ending Gaza hostilities and securing legitimate Palestinian rights.

Momani reaffirmed Jordan's unwavering position articulated through His Majesty's three principles: rejection of displacement, opposition to resettlement, and refusal of so-called "substitute homeland" proposals.

Administrative Appointments
The Cabinet approved the retirement of Labor Ministry Secretary-General Farouq Al-Hadidi and appointed Salem "Muhammad Ali" Al-Qudah as Secretary-General of the Finance Ministry.

During the press conference, Momani outlined the development vision discussed in Madaba with elected local authorities, including government plans to establish a modern, advanced facility for Madaba Government Hospital at a cost reaching 80 million dinars with equipment over four years.

He announced the imminent launch of a rapid transit bus corridor between Madaba and Amman utilizing the airport service road and Amman BRT corridors, with eight buses providing 52 daily trips supported by 500,000 dinars in government subsidies.

//Petra// AA

18/03/2025 23:12:21