Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
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.