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Sun 28 Nov 2010 12:29 PM

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Foreign grants to Jordan up 31% in 2010

The kingdom has raised $1.27bn in foreign grants and soft loans this year

Foreign grants to Jordan up 31% in 2010
GRANTS RISE: Jordan has seen a 31% rise in foreign loans and grants in 2010

The
number of foreign loans and grants to Jordan rose 31 percent this year, it was
announced on Saturday.

Jordan’s
Ministry of Planning and International Cooperation said on Saturday that the
value of foreign grants and soft loans will hit $1.27bn by the end of this
year, with grants accounting for around $900m.

The
foreign assistance included a $100m American grant signed in January and a
$275m grant by the US Millennium Challenge Corporation, according to a report
by Petra, the Jordan News Agency.

The
statement added that the Jordan government had secured $351m in soft loans to
support key development projects is likely to raise an additional $28.4m by the
end of the year.

Foreign
funding for the state budget totaled $239m, Petra added.

The
31 percent growth this year is a turnaround in fortunes for the country, which
saw foreign grants fall 54 percent in 2009 as the global recession took hold.