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The Ministry of Planning and International Cooperation on Thursday hosted the signing of a grant agreement with Saudi Arabia worth $50 million, under the fourth tranche of the outcomes of the Mecca summit, to support the Kingdom’s economy.

During the press briefing which was held at the ministry’s headquarters, Acting Minister of Planning and International Cooperation Yousef Shamali highlighted that, “Saudi Arabia is a strategic partner for Jordan at the political, economic and social levels.”

The minister emphasised the importance of Saudi Arabia’s development assistance, which has enabled the Jordanian government to implement priority development projects and address economic challenges, according to a ministry statement. 

The grant comes as part of Saudi Arabia’s support to Jordan’s budget, and is valued at $250 million over five years (2018-2022).

Saudi Arabia previously granted Jordan $1.25 billion, as part of its contribution in the Gulf countries’ grant to Jordan, in addition to supporting Jordan’s efforts to host Syrian refugees and their host communities.

The minister also expressed appreciation of Saudi Arabia’s continuous support. He pointed out that Jordan always looks to deepen its cooperation and partnership with Saudi Arabia.

Saudi Ambassador to Jordan Nayef Bin Bandar Al Sudairi, for his part, underscored the two countries’ deep-rooted ties and cooperation at various levels. The ambassador noted that Saudi Arabia’s grant “is a continuation of Saudi Arabia’s commitment to stand by Jordan.”

Jordan’s economy is “strong and viable”, as well as has a “promising future” despite all the surrounding challenges in the region, according to Al Sudairi, who also praised the two countries strategic and historical relations.

“Today, Amman has become a regional hub for businesspeople, and one of the most attractive investment locations in the region,” the ambassador highlighted.

The meeting also touched upon expanding cooperation between the two countries in a way that serves joint interests.