Jordan receives $725-mln payment of World Bank loan | Business | Ammon News

Jordan receives $725-mln payment of World Bank loan

[6/11/2019 4:40:35 PM]

AMMONNEWS - The Central Bank of Jordan (CBJ) received a $725-million payment of a $1.45-billion World Bank loan, said Mohammad Ississ, Minister of Planning and International Cooperation and Minister of State for Economic Affairs.

During a press conference, Ississ said the payment will be used to repay the $1-billion worth of Eurobonds issuance due this month.

Sources said the planning ministry will cover the remaining amount through a dollar-denominated local bonds issuance.

The World Bank had agreed to grant the Kingdom a $1.45 billion loan, the largest by the bank to Jordan, at a 4-percent interest rate and a 4-year grace period under a maturity period of 34 years.

In a statement, the ministry said the aim of this loan is repay other loans, and it will save Jordan around $50 million of annual debt service if the government had resorted to Eurobonds, with a cost of 8-9 percent.

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