Jordan, Italy Sign Deal Converting Debt to Development Schemes

Published June 23rd, 2000 - 02:00 GMT

Jordan and Italy have agreed to swap Amman's 68 million dollar public debt to Rome into funds to finance development schemes, the official Petra news agency reported Friday. 

Under the terms of the deal, Jordan will budget certain amounts of the debt to finance development program in the fields of irrigation, health, education and agriculture in accord with Italy, it said. 

The agreement was signed Thursday in Amman between Jordanian Finance Minister Michel Marto and Italian Ambassador Stefano Jedrkiewicz, Petra said. 

According to the Jordan Times, Amman still owes Italy around 80 million dollars in commercial loans. 

Jordan owes 7.2 billion dollars in debt to several industrial countries -- adding up to 95.4 percent of its gross domestic product, Marto said in November. 

Japan tops the list of creditors, having loaned Amman nearly 1.8 billion dollars. 

Over the past year Jordan signed agreements with a number of creditor nations, including France, Germany, Spain and the United States, to convert part of its debt into development projects or other investments -- AMMAN (AFP)  

 

 

© 2000 Al Bawaba (www.albawaba.com)

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