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Arab Monetary Fund extends new loan of $56mln to Jordan

Inmates tend a field near a greenhouse in Al-Mwaqqar Rehabilitation and Correctional Centre near Amman.

Inmates tend a field near a greenhouse in Al-Mwaqqar Rehabilitation and Correctional Centre near Amman.

Reuters/Ali Jarekji

ABU DHABI, 19th March, 2017 (WAM) -- The Arab Monetary Fund signed an agreement today in which the Hashemite Kingdom of Jordan will receive a compensatory loan of JOD13.4 million, the equivalent of US$56 million.

The loan comes in line with the Kingdom's economic reform efforts to overcome challenges faced in light of regional developments, mainly the crises in Iraq and Syria, that are impacting the country's economy.

The Arab Monetary Fund is at the forefront of development partners of Jordan due to its role in supporting the economic and financial reform programmes adopted by the Kingdom to achieve comprehensive economic and sustainable growth, and to establish and strengthen the infrastructure of the financial sector.

The AMF's portfolio in Jordan stands at twenty-two loans totalling $800 million. Jordan also benefits from periodic trade promotion initiatives, bringing the total value of support provided by the fund to about $1.8 billion.

© Copyright Emirates News Agency (WAM) 2017.

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