Jordan to receive $2.5 billion aid package from Saudi Arabia, Kuwait and the UAE

Jordan

Published: 2018-06-11 11:08

Last Updated: 2018-06-11 12:37


Jordanians remained skeptical about Saudi Arabia's motives for helping Jordan. (Roya)
Jordanians remained skeptical about Saudi Arabia's motives for helping Jordan. (Roya)
Roya News Source

Saudi Arabia, Kuwait and the UAE have agreed to give Jordan a $2.5 billion aid package, following a meeting between the four countries in Mecca, Saudi Arabia, on Sunday, reported The National.

The five-year deal includes a direct payment to the Jordanian central bank, while the three Gulf States will act as guarantors to the World Bank on Jordan's behalf.

Over the next five years, development projects in the kingdom will be financed by the donor nations.

His Majesty King Abdullah II expressed his sincere appreciation and gratitude for the aid package, which he said will “contribute towards leading Jordan out of its crisis.”

Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, tweeted that the meeting had served to "preserve stability and to strengthen the Arab and Islamic brotherhood."

Meanwhile, Jordanians remained skeptical about Saudi Arabia's motives for helping Jordan, noting that "there's no such thing as a free lunch."

Saudi Arabia hosted the meeting after Jordan was swept by week-long protests last week, where Jordanians protested against the introduction of a new Income Tax Bill (ITB) and government policies.

The protests led to appointing a new Prime Minister, Omar Al Razzaz, who said he will withdraw the ITB and will work on a new tax legislation.