Saudi Arabia, Kuwait, UAE Approves $2.5B for Jordan

Published October 4th, 2018 - 12:19 GMT
Saudi King Salman and Jordan's King Abdullah (r) attend Mecca Summit, June 11, 2018. (AFP/ Photo Yousef Allan)
Saudi King Salman and Jordan's King Abdullah (r) attend Mecca Summit, June 11, 2018. (AFP/ Photo Yousef Allan)

The finance ministers of Saudi Arabia, Kuwait and the United Arab Emirates will sign in Amman several framework agreements related to the outcomes of the Makkah summit, including deposits at the Central Bank of Jordan, loan guarantees and financial grants, Jordanian Finance Minister Ezzeddin Kanakariya announced on Wednesday.

He added that the visit of the finance ministers of the three Gulf States was aimed at “consolidating relations between Jordan and its brothers."

Kanakariya noted that the ministers would be accompanied by the directors of development funds in the three countries.

According to the minister, the visit comes as a translation of the brotherly relations between Jordan’s King Abdullah II and the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz, the Emir of Kuwait Sheikh Sabah Al Ahmad Al Jaber Al Sabah and UAE President Sheikh Khalifa bin Zayed Al Nahyan.

In June, Saudi Arabia, Kuwait and the UAE pledged $2.5 billion to help revive Jordan’s economy at a summit in Mecca hosted by Saudi King Salman Bin Abdulaziz.

The aid package is divided into four items: a deposit in the Central Bank of Jordan, guarantees to the World Bank in favor of Jordan, annual support to the Jordanian government’s budget for five years, and funding from development funds for development projects.

Jordan has been witnessing a difficult economic situation, represented in the drop in economic growth below 2 percent, cent, a high unemployment rate, and the influx of more than 1.5 million Iraqi and Syrian refugees.


This article has been adapted from its original source.


Copyright © Saudi Research and Publishing Co. All rights reserved.

You may also like