The UAE and Jordan on 22 January signed a memorandum of understanding (MOU) to regulate the disbursement of the $1.25bn grant extended to Jordan over a period of five years. This is being provided under the GCC $5bn grant pledged by Saudi Arabia, Kuwait, Qatar and the UAE, which are providing $1.25bn apiece. The grant will be managed by the Abu Dhabi Fund for Development (ADFD) on behalf of the UAE and will enable Jordan to finance projects in a number of vital sectors, including health, education, water and sanitation, roads, transportation and energy. The UAE has already deposited $1bn with the Central Bank of Jordan (CBJ), ADFD Acting Director General Muhammad al-Suwaidi announced.
Jordan’s Minister of Planning and International Development Ja’far Hassan, who signed the MOU, said that the grant comes at a time when the national economy is facing serious development challenges brought about by the geopolitical events in the region. He explained Jordan and the UAE have reached preliminary agreement on a number of projects with a cost of some $750mn and that other projects would be discussed in the first half of the current year. (CONTINUED - 296 WORDS)