Jordan, Britain, sign debt swap agreement
Britain and Jordan signed an agreement Tuesday, January 30, for the conversion of 90 million pounds ($131 million) of Amman's debt to London into investments, the British embassy said.
An embassy statement said the debt is to be sold at a discount to potential investors, on condition that it is resold to the Jordanian government to fund investment in the country. The scheme aims to reduce Jordan's external debt and encourage investment, the statement said.
In 1995 Britain wrote off 46 million pounds of development loans to Jordan and last May rescheduled 68 million pounds of commercial debt. —(AFP)
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