World Bank provides Jordan with $150m loan

World Bank provides Jordan with $150m loan
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Published July 29th, 2013 - 10:55 GMT via SyndiGate.info

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Long-term maturity period loan carries a low interest rate than other international financial institutions
Long-term maturity period loan carries a low interest rate than other international financial institutions
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Ibrahim Saif
,
Ministry of Planning and International Cooperation
,
Finance Ministry
,
World Bank

Jordan and the World Bank on Sunday signed a $150 million loan agreement to assist the Kingdom with the economic burdens put upon it by hosting hundreds of thousands of Syrian refugees.

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.

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