Jordan receives Saudi cash
Jordan is set to receive more Saudi money
Click here to add Abdullah Ensour as an alert
Disable alert for Abdullah Ensour,
Click here to add Central Bank of Jordan as an alert
Disable alert for Central Bank of Jordan,
Click here to add Gulf Cooperation Council as an alert
Disable alert for Gulf Cooperation Council,
Click here to add Jordan News Agency as an alert
Disable alert for Jordan News Agency,
Click here to add Ministry of Planning and International Cooperation as an alert
Disable alert for Ministry of Planning and I ...,
Click here to add Saudi Development Fund as an alert
Disable alert for Saudi Development Fund
The Central Bank of Jordan on Wednesday received an official notice from the Saudi Development Fund confirming the transfer of $250 million (around JD178 million) to Jordan, according to the Jordan News Agency, Petra.
Jordan will be entitled to use this deposit to spend on agreed-upon development projects in 2013, Prime Minister Abdullah Ensour said in remarks last month.
During a GCC summit in December 2011, Saudi Arabia, the UAE, Kuwait and Qatar decided to extend $5 billion over a five-year period to support development schemes in Jordan.
Each of these four nations will pay $1.25 billion.
The Ministry of Planning and International Cooperation on Sunday unveiled the first four projects that will be funded by the first instalment of the Saudi contribution to the GCC grant, around $487 million.
Between 1975 and 2010, the Saudi Development Fund financed 18 development projects in Jordan through soft loans totalling around $315.5 million.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?