AMMAN: The World Bank has promised to provide Jordan an investment loan of $400 million to fund its National Water Carrier Project, the Aqaba-Amman Water Desalination and Transmission initiative, according to the Jordan News Agency on Sunday.

Jordan’s Minister of Planning and International Cooperation Nasser Shraideh reportedly said this funding by the bank’s International Finance Corporation forms part of a larger package of investment loans from other countries and development partners totaling more than $1.8 billion announced in March.

The project aims to boost Jordan’s water security by producing roughly 300 million cubic meters of desalinated water annually in Aqaba. It is regarded as a top priority for the government.

Shraideh previously met with the IFC’s Managing Director Makhtar Diop in Washington D.C. to discuss the bank’s plans to increase its financial support for Jordan’s private sector.

Shraideh reportedly briefed Diop on Jordan’s new investment law aimed at protecting the rights of investors and ensure adherence to promised financial incentives.

Shraideh also had a separate meeting with World Bank President David Malpass to discuss unemployment, climate change, water security and energy.

He had also urged Malpass to increase the World Bank’s support for Arab League member states and countries in the region.