World Bank Provides Jordan With 725-Million-USD Loan Payment

AMMAN, Jordan, June 12 (NNN-PETRA) – The Central Bank of Jordan (CBJ) received on Tuesday, a 725-million-U.S. dollar payment, of a 1.45-billion-dollar loan from the World Bank.

Minister of Planning and International Cooperation and Minister of State for Economic Affairs, Mohamad Ississ, said that, the payment will be used to repay the one-billion-dollar- worth of Eurobond issuance, due this month.

Sources said, the planning ministry will cover the remaining amount through a dollar-denominated local bond issuance.

Last week, the World Bank Group’s Board of Executive Directors, approved a 1.45-billion-dollar financing package to Jordan, aimed at stimulating inclusive growth and creating jobs.

The Second Equitable Growth and Job Creation Development Policy Loan (DPL2), contributes through “far-reaching and progressive reforms, to launching Jordan as a country open for business.”

The new package is designed to disburse in two equal tranches, to support the government’s new economic plan for growth, and to allow adequate time for completion of necessary additional reforms that are central to the achievement of the programme’s overall results.

The interest rate on the loan is four percent with a four-year grace period under a maturity period of 34 years.– NNN-PETRA