News

World Bank offers Jordan USD 1.2 bln loan

Date: 12/01/2019     Time: 2:32 AM

Jordanian Prime Minister Omar Al-Razzaz said Friday the World Bank agreed to offer USD 1.2 billion loan for Jordan to help reschedule its debts and improve investment in the public and private sectors. The agreement is the fruit of Rzzaz's talks in Washington with officials in the World Bank, the International Monetary Fund and the US administration, Jordan news agency (Petra) reported tonight. The Prime Minister, who has been on a visit to Washington since Tuesday, met with IMF Managing Director Christine Lagarde yesterday, and with US Secretary of Treasury Steven Mnuchin and members of the Jordanian community in the United States earlier today. "This is the largest easy term loan from the World Bank to the Kingdom of Jordan," Petra quoted the Prime Minister as saying. Jordan and the World Bank signed an agreement in mid-2016 to carry out the economic reforms necessary for Jordan to reduce the foreign debts that amount to USD 40 billion and account for nearly 96 percent of the country's GDP. Regarding the US aid to Jordan, Razzaz reviewed with Mnuchin the implementation of the MoU signed in last February. The Memo provides that the US will offer Jordan USD 750 million in economic assistance and USD 350 million in defense assistance annually between 2018 and 2022.