$65 million Saudi grant to contribute to desert road rehabilitation

AMMAN — Minister of Planning and International Cooperation Imad Fakhoury on Monday signed a $65 million grant agreement with Youssef Bin Ibrahim Al Bassam, vice president and board member of the Saudi Fund for Development (SFD), to contribute to funding the rehabilitation of the desert road.

The two sides also signed “a frame grant agreement” of $100 million relevant to Saudi Arabia’s contribution to supporting priority development projects in Syrian refugee hosting communities, a ministry statement said.

Finance Minister Omar Malhas and Bassam also signed a $53.3 million soft loan agreement granted by SFD to finance the fourth steam unit (combined cycle) of the Samra Power Generating Plant, guaranteed by the government of Jordan. 

Fakhoury thanked Saudi Arabia’s king, government and people for their continuous support to Jordan’s development efforts to face economic and social challenges.

He reviewed Jordan’s economic and financial conditions and the effect of regional instability on them, stressing that the Kingdom alone cannot bear all these pressures without the serious and firm support of the international community. 

In this respect, Fakhoury underlined the importance of Saudi Arabia’s support in helping Jordan face economic and financial challenges, continue to implement priority development projects and provide advanced services to its citizens and residents, especially under these circumstances, according to the statement.

Bassam hailed Jordan’s efforts to overcome the economic and financial challenges it faces, commending the reform programmes implemented to address those challenges. 

He stressed SFD’s readiness to stand by Jordan to support its development efforts and face relevant challenges.

Saudi Arabia has upheld its commitment to the Gulf Cooperation Council grant to Jordan during 2012-2016, the ministry said. 

The value of projects and programmes signed so far with SFD, the authority charged with administering the grant on behalf of the Saudi government, amounts to $1.219 billion.