Jordan Gets Another Hefty Aid Package From Saudi Arabia
-
Roshan Amiri
- . September 30, 2022
- . Update: October 1, 2022 11:08 pm
The Islamic Development Bank has now decided to lend Jordan a sum of $200million to fill its empty grain silos. Further, the bank will also extend $10million to develop tourism businesses for the kingdom, a confirmed report has stated.
The funds will be utilized to buy wheat grains and other commodities and to also increase their kingdom’s silo capacity. This is useful for Jordan that solely depends on imports to meet the needs of its 10 million people population.
The country does not have any of its own production and depends even on foreign help to meet its oil needs. The Saudi Arabia based bank, is solely into giving soft loans to cash strapped middle eastern nations only.
Saudi Arabia has been moving slowly into making allies of such countries that in need of what the Kingdom already has in large amounts- financial power to contribute to others economic hardships.
As the Ukraine war reels in, Jordon is concentrating on building its food reserves as its favorite supplier has dwindling exports.
Read | WWE star Brock Lesnar confirms for Saudi Arabia’s PPV in November
The substantial increase of the population, coupled with slowed economic growth and rising public debt led to a worsening of poverty and unemployment in the country. As of 2019, Jordan has a GDP of US$44.4 billion, ranking it 89th worldwide.
Jordon has continued to receive aid from America, which has more than doubled over the past decade. The two countries signed a long-term MOU in the mid of this month where the US has promised to fund Jordon $10.15bn over the next seven years.
The Hashemite Kingdom of Jordan, as it is officially known, is one of the US’s most stalwart allies in the region and a key partner in the campaign to defeat the Islamic State group. It is also home to US military bases.
Till date, the US remains Jordan’s largest donor, and the level of aid the kingdom receives exceeds the amount Washington provides to Egypt, another US ally in the region with a population 10 times the size of Jordan.
