Jordan, World Bank sign $150m loan deal

The Ministry of Planning and International Cooperation on Sunday signed an agreement with the World Bank under which the bank will provide a $150 million loan to help ease the additional pressures on the budget, caused by the Syrian crisis. Minister of Planning and International Cooperation Ibrahim Saif, who signed the deal with Director of the Middle East and North Africa Region at the World Bank Farid al-Haj, stressed the need to support Jordan to deal with the repercussions from the Syrian crisis. Speaking at the signing ceremony, he said Jordan considered the World Bank a strategic partner in boosting economic growth and achieving national priorities, and noted that the loan was part of the bank's support to Jordan to counter the economic challenges and pressures as a result of the current regional situation, particularly that in Syria. The loan will be used to bankroll the health sector, including medicines and vaccines project, and to cover the cost of the treatment of Jordanians in private hospitals, as well as the government's subsidy for bread and cooking gas cylinders. Saif thanked the World Bank for its continuous support over the past years which, he said, had helped the government's efforts to strengthen the national economy and overcome the fallout from the regional crises, referring to the direct and indirect impact of the exodus of Syrian refugees and providing humanitarian aid to them, all of which has placed more burdens on the budget. The World Bank official commended the progress in the implementation of the reforms in Jordan and the Kingdom's open-door policy towards the Syrian refugees, while recognizing the tough financial situation the Kingdom is passing through. He pledged that the World Bank would continue to extend financial and technical aid to Jordan to help it achieve growth and sustainable development.