ECONOMY

Saudi Arabia, Kuwait, UAE deposit over $1 bln in Jordan Central Bank

Saudi Arabia, Kuwait and the United Arab Emirates have placed over $1 billion in deposits at the Central Bank of Jordan. (Shutterstock)

Saudi Arabia, Kuwait and the United Arab Emirates have placed over $1 billion in deposits at the Central Bank of Jordan and committed $500 million in budget support over five years as part of a $2.5 bln package to shore up the kingdom’s struggling economy, a Jordanian government source said.

The source said a signing agreement will take place later on Thursday that announces the breakdown of a $2.5 billion aid package pledged last June to help the Jordan implement austerity measures which had sparked massive protests.

The package also includes $600 million in credit guarantees by the three Gulf countries that will help Jordan secure cheap World Bank credit and other financing for much needed infrastructure projects.

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Last Update: Thursday, 4 October 2018 KSA 12:42 - GMT 09:42
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