World Bank extends $500 million in finance to support Jordan reforms
The World Bank on Thursday (June 28th) announced it would extend $500 million in financing to support Jordan’s ongoing reforms to improve the economy and business climate, the Jordan Times reported.
The concessional and non-concessional financing seeks to support the kingdom’s efforts to promote inclusive economic growth and create more jobs.
It will expand the National Aid Fund cash transfer programme to cover an additional 85,000 households, according to a World Bank statement.
The loan also will expand social safety nets to protect the poorest against economic shocks and improve access to finance for small- and medium-sized enterprises, with a focus on creating opportunities for youth and women.
The $500 million loan consists of a grant of $111 million from the Global Concessional Financing Facility and a non-concessional portion of $389 million.