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Saudi Arabia, Kuwait, UAE deposit over $1 bln in Jordan Central Bank
October 4, 2018, 3:23 pm
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Saudi Arabia, Kuwait and the United Arab Emirates have placed over $1 billion (approximately Dhs 3.67 bln) in deposits at the Central Bank of Jordan and committed $500 miliion (approximately Dhs1.8 bln) in budget support over five years as part of a $2.5 bln (approximately Dhs 9.2 bln) package to shore up the kingdom's struggling economy, a Jordanian government source said.

The source said a signing agreement will take place later on Thursday that announces the breakdown of a $2.5 billion aid package pledged last June to help the Jordan implement austerity measures which had sparked massive protests.

The package also includes $600 million (approximately Dhs 2.2 bln) in credit guarantees by the three Gulf countries that will help Jordan secure cheap World Bank credit and other financing for much needed infrastructure projects.

Kuwait was the first to place $500 million (approximately Dhs1.8 bln) in the Central Bank while another $330 million (approximately Dhs1.2 bln) was received on Thursday from Saudi Arabia, the source added.

Jordan's key role in protecting geopolitical stability in the Middle East already makes it one of the highest per capita recipients of foreign aid in the world, according to figures from USAID, the U.S. aid agency.

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