Kuwait based fund offers US 100 million loan to Jordan

3/1/2016 5:06:26 AM

(MENAFN- Emirates News Agency (WAM))

AMMAN 1st March 2016 (WAM) -- The Jordanian central bank announced on Monday that it was working out an agreement with the Ministry of Planning and the Arab Fund for Economic and Social Development to earmark Kuwaiti Dinar 30 million worth of loan (some US$100 million) for funding small and medium companies.

Kuwait News Agency KUNA quoted the central bank as saying that the loan offered by the Kuwait-based AFESD would be re-lent to small finance companies and banks which would in turn re-loan it to very small small and medium-sized companies.

The World Bank had offered a loan worth US$70 million and AFESD contributed with US$50 million for funding 11000 projects that secured more than 2600 jobs. AFESD is a regional-Arab financial institution that finances development economic and social ventures and programmes.

The Kuwait-headquartered fund between 1975 and 2015 contributed to funding and executing many key development ventures in Jordan estimated at 46 worth US$ 1.9 billion. Grants given during the same period were in the range of US$56 million.

The fund had also financed a number of programmes small and medium enterprises valued at US$80 million.

WAM/Esraa/Moran

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