Fakhoury, World Bank executive discuss three loan deals

AMMAN — Jordan and the World Bank (WB) on Sunday discussed proposed deals under which the bank would extend three further loans to Jordan.

The assistance was discussed at a meeting between Planning and International Cooperation Minister Imad Fakhoury and World Bank Vice President for the Middle East and North Africa Hafez Ghanem, where bilateral ties between the Kingdom and the bank were also discussed.

Two of the future loans, whose value was not announced, will be used to ease budgetary constraints while the other will finance the Jordanian Entrepreneurship Fund to support small- and medium-sized start-ups. The three loan agreements are expected to be signed this year.

Fakhoury expressed the government's appreciation for the financial and technical support the WB presents to Jordan as one of the major partners for the Kingdom in its endeavours for development and reform, according to a ministry statement. 

The minister thanked the WB for the continuous support for Jordan and honouring its pledges, made at the London donor conference in February, and commitments agreed upon as part of the Country Partnership Framework (2017-2022). 

He also pointed out the Concessional Financing Facility, which was launched in 2016 following Jordan's official request in 2015, through which WB created soft financing tools to help the Kingdom along with Lebanon respond resiliently to its needs as a middle-income country affected by conflicts and crises.

Such countries had not been eligible to benefit from such tools and Jordan was the first country to receive financing under the new rules last year, worth JD78 million.

Ghanem highlighted the importance of the partnership between Jordan and the WB, stressing the bank's willingness to continue supporting the entire region, especially Jordan and Lebanon, in light of the repercussions of the Syrian crisis.

Public-private sectors partnership projects in Jordan have achieved “great successes”, he said, noting that the Kingdom, thanks to its expertise and capabilities, would play a big role in the reconstruction of the region.

Jordan on Thursday called on the WB to support its plans to reform the public sector, advance public-private partnership and reform the education system. 

The request was raised during a meeting between Prime Minister Hani Mulki and Ghanem.

Mulki said that the government is concerned with reforming the public sector, enhancing good governance and automating and restructuring government procedures, so as to eliminate bureaucracy that hinders achievements.