LOC11:48
08:48 GMT
European Council
BRUSSELS, April 14 (KUNA) -- The European Council officially adopted Monday a decision to provide up to EUR 500 million in macro-financial assistance to Jordan, aimed at supporting the country's economic stability and aiding its reform agenda "in the face of mounting internal and external challenges."
In a press statement, the council said that the support comes after Jordan's request for additional assistance in October 2023 and will be available for two and a half years, the loan will be a concessional loan, with terms that allow Jordan to repay them over a long period, including a possible grace period.
The loan will also be disbursed in three installments.
The new support for Jordan will be provided under conditions defined in a Memorandum of Understanding (MoU) between Jordan and the European Commission, the disbursement of installments will depend on Jordan's progress in implementing the reforms specified in the MoU.
An Association Agreement has linked the European Union and Jordan since 2002, where they signed the "Partnership Priorities," which aim to strengthen cooperation and guide the partnership through 2027.
Overall, the EU has mobilized nearly EUR 4 billion for Jordan since the beginning of the Syrian refugee crisis in 2011. (end)
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