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Kuwait, Saudi, UAE finance ministers to sign off on Jordan aid

Kuwait, Saudi, UAE finance ministers to sign off on Jordan aid

The three countries have pledged to provide $2.5bn in support after mass protests in Jordan over austerity measures

The finance ministers of Kuwait, Saudi Arabia and the UAE will sign off on financial support to Jordan on Thursday, Kuwait’s state news agency reported.

The three countries previously pledged $2.5bn in aid to Jordan in June after austerity measures sparked mass protests in the country.

Read: Saudi, UAE and Kuwait pledge $2.5bn aid package to Jordan

KUNA said its Jordanian counterpart Petra confirmed the meeting with comments from the country’s minister of finance Dr Ezzeddin Kanakariya.

He said the three ministers would be in Amman to sign a series of framework deals, which will include the provision of deposits to Jordan’s central bank, guarantees of loans and financial grants.

Development fund managers from the three countries will also form part of the delegations.

Reuters cited a source as confirming that $1bn in deposits were made to Jordan’s central bank on Thursday. A further $500m of budget support was pledged over five years.

Saudi Arabia’s minister of finance Mohammed Bin Abdullah Al Jadaan later said the deals included $600bn in guarantees to the World Bank, annual support of $150m over the course of five years and $50m from each country to establish schools and other projects.

Kuwait Fund for Economic Development visited Jordan in mid-september to sign off on a deal to reduce Jordan’s debts by arranging 17 loans worth $300m, KUNA said.

The June aid pledge includes central bank deposits, guarantees to the World Bank, annual support for the Jordanian budget over the next five years and funding for development projects.

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