Saudi Arabia, Kuwait and the UAE have deposited over $1 billion at the Central Bank of Jordan and committed $500 million in budget support over five years as part of a $2.5 billion package to shore up the kingdom's struggling economy, a Jordanian government source said Wednesday (October 3rd).
A signing agreement will take place on Thursday that announces the breakdown of a $2.5 billion aid package pledged last June to help Jordan implement austerity measures which had sparked massive protests, Gulf News reported.
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.
Kuwait was the first to place $500 million in the Central Bank while another $330 million was received on Thursday from Saudi Arabia, the source added.
