Saudi Fund for Development reschedules Jordan’s $114 million debt

Updated 18 December 2018

Saudi Fund for Development reschedules Jordan’s $114 million debt

  • Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant

JEDDAH: The Saudi Fund for Development and the Jordanian government signed a deal on Monday to reschedule the repayment of $114 million Jordan owes to the fund. The debt includes 19 loans which will now be settled over 20 years, with a grace period of five years.
The Saudi Press Agency reported that the agreement was signed by Jordan’s Finance Minister Ezzedin Kanakriyah and SFD Deputy Chairman and Managing Director Khalid bin Sulaiman Al-Khudairy. It aims to help Jordan reduce its overall public debt.
Also present at the signing ceremony were Prince Khaled bin Faisal bin Turki, Saudi Arabia’s ambassador to Jordan, Jordan’s Minister of Planning and International Cooperation Mary Kawar, and Jordanian Central Bank Governor Ziad Fariz.
Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant, as part of a Gulf grant to Jordan through an account with the Central Bank of Jordan. This agreement aims to provide liquidity as quickly as possible and avoid the challenges associated with financial ceilings in the Jordanian general budget.
Jordan thanked Saudi Arabia for its contribution to this Gulf grant, which is worth $1.25 billion for strategic and high-priority projects. In addition to this, Saudi Arabia has contributed to a package of aid to Jordan within the framework of the Makkah Summit, as well as supporting the Jordanian government’s development efforts to ease the burden of hosting refugees through a grant of $100 million.
Prince Khaled highlighted the long-standing ties between the two countries and said that the Kingdom will continue to stand by Jordan and help support its economy. Kawar praised the strong bilateral ties between Jordan and the Kingdom, the foundations of which were laid by Saudi King Salman and Jordanian King Abdullah II.
The Jordanian side expressed its thanks and appreciation to Saudi Arabia, its leadership, government and people, for their continued support.


Saudi envoy praises Japan’s support for Donors’ Conference for Yemen

Updated 34 min 43 sec ago

Saudi envoy praises Japan’s support for Donors’ Conference for Yemen

  • Japan has made a number of pledges in the past three years

RIYADH: The Saudi Ambassador to Japan, Naif bin Marzouq Al-Fahadi, commended the Japanese government for its support in aid and contributions to ease the humanitarian crisis in Yemen. 

Japan has made a number of pledges in the past three years during high-level meetings to help the Yemeni people, highlighting its commitment to work side by side with Saudi Arabia and UN member states.

Chaired by Saudi Arabia, the Virtual Donors’ Conference for Yemen 2020, which convened on Tuesday, saw a number of pledges made by UN members.

Suzuki Keisuke, Japan’s foreign affairs minister, pledged $41.2 million in aid to Yemen at the forum. 

In 2017, Japan pledged $61.7 million and provided $63.5 million in aid. In 2018, it pledged $38.8 million, but provided $57.7 million in aid. In 2019, the Japanese government pledged $52.8 million and provided aid worth $44 million. 

Al-Fahadi said that the initiative to convene the Virtual Donors’ Conference for Yemen 2020 comes as a result of interest from the highest levels of the Saudi leadership in light of recent developments in Yemen, including the crisis related to the consequences of the coronavirus, and to complete the efforts of reconstruction and the establishment of stability and peace in the country.

He said that that the Kingdom has provided a total of $16.95 billion since the beginning of the crisis through its relief and humanitarian arms, headed by King Salman Humanitarian Aid and Relief Center (KSRelief) and the Saudi Development and Reconstruction Program for Yemen.

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