Arab Fund allots 40 million for Jordanian projects

The Arab Fund allotted [Kuwaitian Dinars] 40 million to finance development projects in Jordan. Two agreements were signed yesterday by the fund's chairman, Abdul-Latif al-Hamed, and Jordanian Minister of Planning Reema Khalaf.

The first agreement stipulates that the Arab Fund will provide a total of KD 34 million toward financing the construction of two dams in Jordan Valley. While the second agreement allocated KD 6 million to finance infrastructure in underprivileged areas.

Interest rates on both loans will be set at 4.5% and the repayment will be made in 16 and a half years with a six-year grace period.

The Arab Fund has provided Jordan since 1975 with about KD 250 million in loans used to finance development projects across the kingdom.

Before Jordanian Prime Minister Dr. Abdul-Salam al-Majali , accompanying the King, left Amman for the UAE, he discussed with Hamed cooperation between Jordan and the Arab institution.

"The Arab Fund will continue to support the development projects in Jordan, particularly those related to water and human resources development," Abdul-Latif Hamed said in a statement after the meeting.