The Saudi Fund for Development (SFD) and Jordan on 7 February signed four loan agreements totaling $299mn to finance development projects in Jordan. The loans are part of a Saudi aid package of $1.25bn pledged for Jordan under the $5bn grant from the Gulf Cooperation Council (GCC) to Jordan in the wake of the Arab spring to be disbursed over a five-year period.
Three other GCC countries, Kuwait, Qatar and the UAE, have committed to provide $1.25bn apiece to assist Jordan in recovering from the adverse effects of the political turmoil in the area. Jordan and the UAE last month signed a memorandum of understanding to regulate the disbursement of its $1.25bn grant. Similarly it signed seven agreements with the Kuwait Fund for Arab Economic Development for the Kuwait grant. Agreements for specific projects are yet to be signed with Qatar (MEES, 25 January). (CONTINUED - 285 WORDS)