More than $2b secured in grants and soft loans this year

AMMAN – The Ministry of Planning and International Cooperation on Tuesday said that the volume of financial assistance, grants and soft loans committed to by donor partners reached $2.119 billion between January 1 and October 31 of this year.

Figures e-mailed to The Jordan Times showed that the volume of grants was $1.129 billion while soft loans stood at $990 million. 

According to the ministry’s report, the US topped the list in terms of grant providers with $454.8 million committed so far to support economic development and the Treasury. 

 The Saudi Fund for Development came second as it extended grants worth $256 million to finance several development schemes in the health, IT and infrastructure sectors. The grants offered by the Saudi fund were part of Saudi Arabia’s share in the $5 billion, five-year grant allocated for Jordan by the Gulf Cooperation Council (GCC) in 2011.  

Also among the major donors was  the Abu Dhabi Fund for Development, which extended grants to cover the UAE’s share in the GCC grant by offering $229 million to finance key schemes in the energy and higher education sectors. 

Grants by the EU were worth around $67.6 million and used to support higher education projects and help the Ministry of Education to deal with the Syrian refugee crisis, the report showed. 

Other countries that extended or made commitments to offer grants to Jordan so far this year included Germany, Japan, China, Sweden and South Korea. 

The ministry's report said several countries and agencies extended soft loans to the Kingdom to support economic development and the state budget in addition to loans guaranteed by the government. 

Low-interest loans were provided by the World Bank ($300 million), French Development Agency ($265.3 million), Japan ($196 million), Arab Fund for Economic and Social Development ($154 million), German Development Bank ($33 million) and the European Bank for Reconstruction and Development ($18 million) among others.