Saudi Arabia, Kuwait and the United Arab Emirates (UAE) have announced their decision to allocate a $2.5 billion aid package to Jordan, including a deposit into its central bank, World Bank guarantees, annual support for the kingdom’s budget over five years and financing of development projects.
The announcement of the economic package came shortly after Saudi King Salman urged a Sunday meeting in Mecca, gathering Jordan’s King Abdullah II, Kuwait’s Emir Sheikh Sabah Al-Ahmad Al-Sabah and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.
Gulf monarchies are not alone in their willingness and readiness to support the strategic Arab state: the High Representative of the European Union for Foreign Affairs, Federica Mogherini, also assured Jordan of continued financial support on Sunday.
“We are here not as a gesture of charity, if you allow me the expression, but as an investment,” she said, adding that the kingdom is located “in probably the most heated and difficult area of the world.”
She also told a press conference with Jordanian Foreign Minister Ayman Safadi that the EU has given the crisis-hit country $1.18 billion over three years, and will provide $23.5 million more for social protection programs.
Jordanian Prime Minister Hani Mulki was forced to resign as a result of protests, with King Abdullah II appointing Education Minister Omar al-Razzaz to form a new government.
In 2016, Jordan’s government signed a three-year loan with the IMF, which approved $723 million to support the country.