US$1.45 billion to promote inclusive growth and job creation in Jordan

The World Bank Group’s Board of Executive Directors approved a US$1.45 billion financing package to help Jordan stimulate inclusive growth and create more jobs for all.

The new package is designed to disburse in two equal tranches to support the Government’s new economic plan for growth and to allow adequate time for completion of necessary additional reforms that are central to the achievement of the program overall results. The package comes at a significantly lower financing cost than market rates and benefits from guarantees of $250 million by the United Kingdom and $200 million by the Kingdom of Saudi Arabia.

“The World Bank remains committed to support Jordan in laying the foundations for a stronger and more outward-oriented economy that maximizes its growth potential and provides better opportunities for the Jordanian people,” said Saroj Kumar Jha, Mashreq Regional Director, World Bank Group. 

Over the last decade, Jordan has endured external shocks and regional challenges, including a sudden halt in its main energy supply, an inflow of an estimated 1.3 million Syrian refugees, and a cut off of crucial trade routes through neighboring states. Jordan responded by conducting a massive fiscal consolidation while preserving its economic and social stability, growing at approximately 2 percent annually over the past two years.

Original source: World Bank
Published on 04 June 2019