Saudi Fund for Development reschedules Jordan’s debt

The Jordanian government and the Saudi Fund for Development (SFD) signed an agreement on Sunday, under which the SFD will reschedule 19 loans owed by the Jordanian government worth $114 million for 20 years, including five-year grace period.

Both sides also signed an agreement to enable the government to spend on projects financed by the Saudi Arabia's grant provided under the GCC grant to Jordan with a ceiling of $20 million.

The SFD will transfer the balance of the remaining Saudi grant under the GCC grant to the central bank's treasury account.

The agreement aims at assisting Jordan to alleviate the burden of public debt service and is part of Saudi Arabia's efforts to support Jordan and help it overcome its economic crisis.