Ammon News - The Council of the European Union formally adopted a decision on Monday to provide Jordan with total financial assistance of up to €500 million in the form of soft loans, aiming to support the Kingdom's economic stability and its reform agenda amid escalating internal and external challenges.

This support comes in response to a request submitted by the government in October 2023 and is intended to help the Kingdom cover its external financing needs and enhance the fiscal space needed to continue implementing reforms.

This assistance will be provided over two and a half years, disbursed in three installments, in the form of loans on concessional terms that allow Jordan to repay them over the long term, with the possibility of a grace period.

The funding will be provided according to terms specified in a memorandum of understanding between Jordan and the European Commission, with the disbursement of each payment linked to the Kingdom's progress in implementing the reforms specified in the memorandum.

The decision is set to take effect on the third day following its publication in the Official Journal of the European Union.