UAE pledges Dh3B to help boost Jordanian economy
Obaid bin Humaid Al Tayer and Dr Mary Kamel Kawar signing the agreement between the UAE and Jordan.
Abu Dhabi - Allocation to be managed by Abu Dhabi Fund for Development
By Staff Report
Published: Thu 4 Oct 2018, 9:12 PM
Last updated: Fri 5 Oct 2018, 2:32 AM
The UAE today signed an agreement with the Jordanian government to extend an economic aid package worth Dh3 billion ($833 million) to stimulate and support economic growth in Jordan.
The allocation will be managed by the Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid.
The Dh3 billion package falls within the framework of the Makkah Summit. During the meeting in June, the UAE, Saudi Arabia and Kuwait agreed to support Jordan with a cash injection of $2.5 billion to ensure that its economic development efforts are on track.
The agreement was signed by Obaid bin Humaid Al Tayer, UAE Minister of State for Financial Affairs, and Dr Mary Kamel Kawar, Jordanian Minister of Planning and International Cooperation, in the presence of Dr Omar Razzaz, Prime Minister of Jordan; Matar Saif Sulaiman Al Shamsi, UAE Ambassador to Jordan; and Adel Al Hosani, director of the ADFD's operations Department, as well as senior officials from both countries.
The economic assistance package provided by the UAE is to be distributed as: a deposit of $333.3 million in the Central Bank of Jordan to support the bank's fiscal and monetary policy and achieve economic stability in the country; $250 million (Dh918.3 million) to support the Jordanian government budget, dispensed over five years (yearly increments of $50 million); $50 million development loan to finance development projects in Jordan; and $200 million in guarantees to the World Bank to benefit the Jordanian government.
Al Tayer said that the package provided by the UAE government to Jordan is based on the strong historic bonds of friendship that exist between the two countries and in line with the directives of the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai; and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Al Tayer reiterated that via the economic aid package, the UAE will seek to stimulate the economic and financial landscape in Jordan and contribute to supporting the country's development plans.