AMMAN, Jordan, Sept. 19 (UPI) -- The Kuwait Fund for Arab Economic Development has agreed to reschedule Jordan's debt of $220 million over a period of 30 years, reports said Monday.
Amman daily newspaper al-Rai quoted the fund's director general, Abdel Wahhab al-Badr, as saying the fund had also decided to reduce the interest on the loans to 1 percent.
Badr, on a visit to Amman, said the fund is ready to accept the list of projects for which Jordan is seeking financing in the next phase. He noted that the fund is ready to finance part of these projects with soft loans with no more than 1 percent interest.
"The fund aims to secure financing for a multitude of development projects in Jordan, which possesses the expertise and administrative capabilities to implement the projects," Badr said.
The Kuwait Fund for Arab Economic Development, which was founded in 1961, has an annual budget of $660 million, with 50 percent of the funds allocated for financing development projects in Arab countries. Egypt, Syria and Morocco are the Arab countries most indebted to the fund.
