Jordan Receives $1 Billion Grant From Saudi Arabia -- Report

Tuesday, Jul 26, 2011

AMMAN (Dow Jones)--Saudi Arabia has granted Jordan some $1 billion to help reduce its budget deficit, Jordanian newspaper, Al Arab Al Yawm, reported Tuesday.

The new grant brings Saudi Arabia's total financial support to Jordan to $1.4 billion. Last month Jordan received a $400 million grant from Saudi Arabia to support its budget.

The paper also said that Saudi Arabia would render more support to Jordan through supplying the kingdom with Saudi crude oil at discounted prices. The paper didn't elaborate.

Jordan's King Abdullah II praised Saudi Arabia's King Abdullah for the grant. "Saudi Arabia stands by Jordan at a time of difficult global economic conditions and a sharp increase in fuel prices," the Jordanian monarch said in a letter he sent to the Saudi King."Your generous and brotherly gestures is a back up for us all," the official Petra news agency quoted the King saying.

Website: www.alarabalyawm.net

-By Hassan Hafidh; Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com

(END) Dow Jones Newswires

26-07-11 0616GMT