Ammon News - (ANSAmed) - Aqaba, November 20 - The Kuwait Fund for Arab Economic Development has agreed to finance Jordan's Liquid Natural Gas Terminal (LNG) with an investment of 46 million Jordanian Dinar (JD), or US $65 million.

The Kuwait Fund for Arab Economic Development approved of the Aqaba Development Corporation's (ADC) decision to award the LNG terminal contract to BAM-MAG JV and will finance the project completely. The move is part of a framework agreement signed on September 18, 2012 by the Government of the Hashemite Kingdom of Jordan and the Kuwait Fund for Arab Economic Development worth US $ 1.25 billion regarding the utilization of a grant allocated by the Government of the State of Kuwait and entrusted to the Fund for its administration in the Framework of the GCC Development Program to finance development projects in Jordan. Kamel Mahadin, ADC Chairman and the Chief Commissioner of the Aqaba Special Economic Zone Authority (ASEZA), said that the project will change the Aqaba Ports Community and improve Jordan's ports system, above all as it will solve the kingdom's needs for oil and energy and comes under King Abdullah II's vision and directions to transform Aqaba into a business and logistics hub in the region.

Mahadin also noted that: "we are truly grateful for the Kuwait Fund for their generous contributions. This project will play a significant role in boosting the energy sector in Jordan.

Aqaba is proud to have so much invested in it by GCC countries, including the UAE, Kuwait and Saudi Arabia". The project aims to support Jordan economy and its strategic goals of alleviating the current energy crisis through the importation of liquefied natural gas as a supplementary source to satisfy the current and future demand for natural gas and guarantee a continuous flow of gas in the event of interruption of other sources, with competitive prices to help reduce the cost of electricity production. The project also aims to develop the logistics capabilities of the Aqaba Special Economic Zone. The project is conducted via the Aqaba Development Corporation in coordination with the Ministry of Energy and Mineral Resources.