Kuwait will grant Jordan USD 1.25 Billion to fund development projects for the next five years, as part of a previously agreed USD 5 Billion contribution by the GCC.
According to Kuwait News Agency (KUNA), Kuwaiti Ambassador to Jordan Dr. Hamad Al-Duaij, who signed the grant agreement at the Gulf Cooperation Council’s Amman office on behalf of his country. The agreement will allocate USD 250 million annually to Jordan over the next five years.
For Jordan, Secretary General of the Ministry of Planning and International Cooperation Saleh Al-Kharabshah signed it on behalf of his country, in the attendance of a Kuwait Fund For Arab Economic Development (KFAED) delegation, headed by Tareq Al-Munayes.
The Ambassador noted that the KFAED will be in charge of distributing the Kuwaiti grant, in its capacity as an official representative of the country, with the grant expected to start three months from now.
‘KFAED will also manage funding other development projects based on the 2012-14 budget plans,’ he added.
For his part, Al-Kharabshah praised efforts exerted by the Kuwaiti ambassador and KFAED, during talks they had been holding over the past three days.