Five thousand Jordanian public schoolteachers are slated to benefit from a loan agreement by the Education Ministry, the Housing Bank for Trade and Finance and the Jordan Mortgage Refinance Company.
Under the agreement, the Housing Bank will dedicate a ceiling of 2 million Jordanian dinars for the purchase of computers for the Education Ministry's employees. A ministry employee would receive a loan of a maximum of JD800 to buy a computer and would have to recompense the bank in a maximum of 48 months.
The loan will be deducted in the form of monthly installments from teachers' salaries. Teachers can decide in the duration of time within which they could reimburse the loan. The loan is given to teachers upon presenting written documents proving the purchase of a computer and a written guarantee from another ministry employee. In case the employee quits, the ministry would pay the loan.
According to Mahmoud Massad, the ministry's director for education and educational activities, 15,000 teachers have expressed interest in participating in the plan. The 5,000 computers agreed upon will be given to teachers according to a “first come, first served” formula. However, Massad said other companies may follow suit and provide teachers with loans if the agreement proves successful.
The Jordan Mortgage Refinance Company, which is a public share holding company, will guarantee that the ministry remunerates the loan and will deduct 0.75 percent in commission from the actual expenditure on computers. — ( Jordan Times )
By Oula Al Farawati
© 2000 Mena Report (www.menareport.com)