Published: 2018-07-30 10:30
Last Updated: 2018-07-30 11:00
The World Bank (WB) is bailing Jordan out with $250 million in August, as part of a $500 million Equitable Growth and Job Creation Development Policy Loan, to help the country overcome its ongoing economic crisis, Tania Meyer, the World Bank representative to Jordan, said on Sunday.
The loan was approved by the WB in June and a first installment valued at $250 million was given to the Jordanian government. Of that sum of money, $111 million was given to Jordan as a grant.
Meyer said that the $389 million sum was loaned at a "close to zero" interest rate."
The Global Concessional Financing Facility (GCFF) provided the grant, while the $389 million loan will go towards promoting inclusive economic growth, creating more jobs and expanding the National Aid Fund cash grant program to help an additional 85,000 disadvantaged families.
The WB support plan also aims to assist small and medium businesses in executing efficient tactics that will help them reduce their expenditures, boost their productivity and improve their market shares, which will consequently result in creating more job opportunities and allowing the unemployed to benefit from entities offering social support.