The Financial Express

EU approves $557m soft loan to Jordan

Published: December 18, 2019 12:51:49 | Updated: December 22, 2019 18:14:30

File photo (Collected) File photo (Collected)

Jordan has said that the European Parliament approved with a vast majority to grant Jordan a soft loan of 500 million euros (557 million US dollars) with a low-interest rate.

According to a statement by Jordan's Foreign Ministry, the loan seeks to support Jordan's economy and alleviate the burdens of regional crises.

The ministry said on Tuesday that the EU decision is a big appreciation for Jordan's role in the region, reports Xinhua.

The new programme would build on the two previous Macro-Financial Assistance (MFA) programmes through which the EU has disbursed a total of 380 million euros to Jordan since 2011.

The ministry added that the European Commission adopted a proposal in September to provide Jordan with 500 million euros as part of a new MFA programme to stimulate growth and investment, create jobs, support economic stability and speed up procedures to implement economic reforms.

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