Islamic Finance

Jordan, Kuwait fund sign loan, grant agreements

Published 23 Sep,2020 via The Jordan Times AMMAN — Jordan and the Kuwait Fund for Arab Economic Development (KFAED) have signed an agreement for two loans and a grant at the fund's headquarters.

Under the agreement, the fund provides Jordan with a loan of 7.4 million Kuwaiti dinars (some $24.4 million) to finance the first phase of the development of the infrastructure of public education project, as well as another loan worth 17.6 million Kuwaiti dinars (some $59.8 million) to finance the first phase of the rehabilitation of roads and bridges project.

The fund also offered Jordan a grant of 400,000 Kuwaiti dinars (some $1.32 million) to finance the technical, economic and environmental feasibility study of the establishment of the Wadi Al Jarm and Fifa valley projects, according to a press release issued by the Jordanian embassy in Kuwait on Tuesday, cited by the Jordan News Agency, Petra.

The agreement is part of Jordan's economic and development reform programme, which includes the KFAED 's five-year loan programme as of 2019/2020 fiscal year, at a total value of $500 million.

The agreement was signed by Jordan's Ambassador to Kuwait Saqr Abu Shattal on behalf of Jordan and Director General of the KFAED Abdul Wahab Al Bader.

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