Kuwaiti fund grants Jordan $14m for projects to create jobs, improve services

AMMAN — The Kuwaiti Fund for Arab Economic Development (KFAED) on Sunday presented Jordan with $14.1 million (around JD10 million) to support the projects of the Cities and Villages Development Bank.

The grant will be channelled into the bank’s operations support project, which seeks to reduce unemployment, and improve the services and living conditions of citizens. 

“The bank will utilise the grant to provide loans for municipalities to finance 26 service projects that include public parks, waste management, sport clubs and roads,” Planning and International Cooperation Minister Imad Fakhoury said during the signing ceremony.

He thanked the Kuwaiti government for its support to Jordan, whether for its $1.25 billion contribution under the Gulf Cooperation Council grant, or its help to maximise Jordan’s humanitarian role towards Syrian refugees.

The Kingdom hosts over 1.3 million Syrians, according to the latest population census. 

Fakhoury underlined the importance of the Gulf grant, which has enabled the government to implement development and capital projects with a strategic dimension. 

“Through the fund, the Kuwaiti government extended three grants worth $58 million to support Jordan’s response plan to the Syrian refugee crisis through the years 2014-2016,” the minister noted. 

Between 1962 and 2016, the Kuwaiti fund contributed to funding socioeconomic projects worth more than $579.5 million through loan agreements, while the total value of grants extended during the same period reached $10.4 million. 

Schemes supported by the fund are in the areas of energy, education, agriculture, water, roads and sewage networks. 

KFAED Director General Abdulwahab Ahmad Al Bader underlined his country’s commitment to standing with Jordan in the face of the challenges it is facing amidst regional unrest. 

Kuwait’s Ambassador to Jordan Hamad Saleh Al Duaij attended the signing ceremony.