World Bank provides Jordan with $150m loan
According to a statement issued by the Ministry of Planning and International Cooperation, the funds will be directed to the Finance Ministry to spend on health projects and government subsidies.
The loan agreement was signed by Minister of Planning and International Cooperation Ibrahim Saif and World Bank Director for the Middle East Department Ferid Belhaj, according to the statement.
In the health sector, the loan will be used to buy medicines and vaccines in addition to funding the medical treatment of Jordanians at private hospitals due to many public health facilities being overcrowded as a result of the burgeoning Syrian population in the Kingdom.
The statement indicated that part of the funds will also go to finance government subsidies for cooking gas cylinders and bread.
The planning ministry said that the long-term maturity period loan carries a low interest rate than other international financial institutions.
The statement also noted that 40 per cent of the funds will go to retroactive expenditures on Syrian refugees.
In remarks during the signing ceremony, Saif highlighted the Syrian refugees’ direct and indirect impact on the national economy, noting that the influx of Syrians has put increasing pressure on the national budget, particularly subsidised goods, water, education, health and energy.
- An extension of apartheid or another dark side all together? Israel has highest OECD poverty rates
- Why empowering women is good for business
- Does Iran really need the Geneva deal to save its economy? Maybe something else is needed....
- Iraq's other war: the gruesome fight against corruption and bureaucracy
- Is the GCC-US business driven "marriage of convenience" about to be over?
- More Japanese financing for Jordan
- The French could be lending a friendly hand to the Jordanian economy
- Syrian influx squeezing Jordan's economy with 160,000 working illegally in the Kingdom
- Going small? Jordan to finance SME's
- Jordan government to add more jobs to health, education sectors due to Syrian refugee influx