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Jordan and UK launch mechanism on loans and grants

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Staff Writer | March 3, 2019
Jordan and Britain on Saturday launched a follow-up mechanism to ensure that commitments in London to provide Jordan with loans, grants and loan guarantees are delivered.
Britain   Jordan and UK launched the Jordan Task Force
The two countries launched the Jordan Task Force, which is a joint effort between Britain, Jordan, donors, private sector, civil society and international financial institutions and chaired by the governments of the two sides.

The committee will convene every six months to review outcomes and provide suggestions to maximise the effect on Jordan's growth, according to a statement by Jordan's Ministry of Planning.

On the private sector, the two countries will work closely together to follow up with the business interest raised in London in order to turn it into investment.

During the London event, Germany announced it will provide Jordan with 460 million euros (523.37 million U.S. dollars) in assistance in 2019, while the European Investment Bank said it will provide the kingdom with more than 800 millions euros in assistance and loans over the next two years.

The EU said it will provide soft loan for Jordan totaling 1.6 billion euros over the next two years.

Britain also announced that it will underwrite a 250-million-dollar loan for Jordan to help reduce its public debt, which currently represents 94 percent of the gross domestic product.