The Jordanian government and the Kuwait Fund for Arab Economic Development (KFAED) on Thursday (September 20th) signed an agreement to schedule debts worth a total of $300.7 million, Jordanian news agency, Petra reported.
The agreement was signed by acting secretary general of the Ministry of Planning and International Co-operation, Ziad Obeidat, and KFAED's operations department director, Marwan Ghanim.
The agreement aims to assist Jordan in alleviating the financial and economic challenges it is facing due to regional instability and within the framework of Kuwait's continuous support to the kingdom, Obeidat said.
The agreement included the scheduling of Jordan's debt to the KFAED -- with a total value of $300.7 million -- to be repaid over 40 years, including a grace period of 15 years at an interest rate of 1%.
Obaidat said the Kuwaiti Fund is a "key partner" in supporting Jordan's development efforts through offering loans since 1962.
Jordan is currently facing financial difficulties, he said, due to the global financial crisis, negative regional developments and their repercussions, noting the agreement was concluded bearing in mind the Jordanian government's economic reform efforts.
