EU to provide 500 mln euro loan to Jordan

BRUSSELS, The European Union Thursday adopted a decision to provide up to 500 million euros (USD 555 million) of macro-financial assistance to Jordan.

The assistance will be available for two and half years. It will be provided in the form of loans, to be disbursed in three instalments. The loans will have a maximum average maturity of 15 years, noted an EU statement today.

A precondition for granting the assistance will be that Jordan respects effective democratic mechanisms, including a multi-party parliamentary system. It must also respect the rule of law and guarantee respect for human rights, it said.

The Jordanian economy has significantly suffered from regional unrest and conflicts, notably in neighbouring Iraq and Syria, straining its public finances and negatively affecting tourism, foreign direct investments and access to energy resources, said the statement.

The Syrian conflict has also caused an inflow of about 1.3 million Syrian refugees. Against this background, continued support from Jordan’s international partners remains essential, it said.

Since the beginning of the Syrian crisis in 2011, the EU has made available more than 2.1 billion euros (USD 2.3 billion) to Jordan under different instruments, it added.

Source: Kuwait News Agency