Kingdom secures financing for $3b worth purchases

AMMAN — The Council of Ministers on Wednesday approved a $3-billion framework agreement to be signed between the government and the International Islamic Trade Finance Corporation (ITFC) in order to finance the Kingdom's main imports, the Jordan News Agency, Petra, reported. 

The soft-loan agreement will provide Jordan with the necessary funds to import essential goods such as fuel, petrol derivatives, liquefied gas, drinking water and basic staples such as wheat, sugar and rice to the Kingdom. 

Funds will be available upon request and will not entail any financial liabilities if the debt is not used over a period up to three years. 

The profit margin and the financing term will be determined for each individual transaction, in accordance with the market's rules. 

The agreement, signed at a Cabinet session, chaired by Prime Minister Abdullah Ensour, should boost the Kingdom's ability to reach international markets to meet its needs.  

Established in 2005, the ITFC is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing intratrade to improve the economic conditions of people across the Islamic world.