European loan to develop Aqaba port

The Jordanian government signed an agreement with the European Investment Bank through which the former will get a 30 million European Units to implement the infrastructure works of the two docks of the port of Aqaba.

The Jordanian government will pay the loan back on 30 installments after a grace period of 5 years with an annual profit rate of 5.35%. The Jordanian government is trying to develop the port of Aqaba by adding new docks to the port in order to encourage more exports, especially those of potassium and phosphates which are the leading Jordanian exports.