Mecca Summit concludes with $2.5 bln in aid to support Jordan’s economy

10-06-2018 07:38 PM

Ammon News - AMMONNEWS - The Mecca Summit held by Saudi Arabia with three other nations to discuss support for Jordan’s economy resulted in an aid package totaling $2.5 bln.

The summit’s communique said the aid would be represented in the following:

1)Deposit in the Central Bank of Jordan.

2)World Bank Guarantees for Jordan

3)Annual support for the budget of the Jordanian government for five years.

4)Financing from development funds for development projects.

“King Abdullah of Jordan expressed his thanks and appreciation to Saudi Arabia’s King Salman for his generous initiative in calling for the meeting, and the Kuwaiti and UAE for their response to the invitation and his great gratitude to the three countries for providing this package of assistance which will contribute to overcoming this crisis,” the summit’s final communique read.

The initiative was launched by Saudi Arabia’s King Salman aims to contain the economic crisis and discuss ways of supporting their neighboring country was reflected on the Jordanian street.

Only a few days after protests erupted on the streets of Amman, King Salman called Jordan's King Abdullah, Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Sabah and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed. These contacts ended with a decision to hold an urgent meeting in Mecca to consult on the crisis.

Jordanians said they welcomed the upcoming meeting and expressed their satisfaction with this rapid initiative from Saudi Arabia.

The meeting comes as Jordan's Minister of Foreign Affairs in the caretaker government, Ayman Safadi, met in Amman with EU High Representative for Foreign Affairs and Security Policy Federica Mogherini where the latter announced 20 million euros ($23.5 million) in aid for Jordan.

Cash-strapped Jordan, a close US ally that relies heavily on donors, is struggling to curb its debt after securing a $723-million loan from the International Monetary Fund in 2016.

*Al Arabiya

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