April 9, 2024
1 min read

European Commission announces Jordan aid package

The funds from this MFA will be provided as long-term loans under concessional terms...reports Asian Lite News

The European Commission has announced a proposal for a new macro-financial assistance operation for Jordan, with funding up to €500 million ($542 million).The MFA is part of the EU’s broader strategy to support neighboring countries, serving as an extraordinary instrument for EU crisis response. Specifically, the EU aims to assist Jordan in coping with the adverse effects of the war in Syria, including the influx of refugees it has hosted. The recent financial aid aims to help Jordan address its external financing requirements, bolster fiscal consolidation efforts, and enhance structural reforms.

This support is crucial for the continuation of Jordan’s ambitious reform agenda, which focuses on job creation, growth, and investment. European Commission President Ursula von der Leyen said: “Today’s proposal is a clear indication of the EU’s ongoing solidarity with Jordan, offering up to €500 million in support during these challenging times of geopolitical instability.” Since the crisis began in 2011, the EU has mobilized approximately €4 billion in support of Jordan.

The funds from this MFA will be provided as long-term loans under concessional terms. The plan includes disbursing the funds in three installments, contingent on Jordan implementing specific policy measures agreed upon with the EU, detailed in a memorandum of understanding. These reforms may encompass improvements in economic governance, such as public finance management and tax administration, social and labor market policies, and efforts to combat fraud, corruption, and money laundering. The proposal for this fourth MFA to Jordan now awaits approval from the European Parliament and Council.

ALSO READ-Europe and US need each other, says Stoltenberg  

Previous Story

UK, US and Australia say Japan could join Aukus pact

Next Story

UK, France warn US on Ukraine aid

Latest from -Top News

India fast-tracks FTAs as US drags feet

As India cements its position as a global trading force with a flurry of new free trade agreements, including a landmark pact with the United Kingdom, negotiations with the United States continue

Modi Lands in Malé for Big Day

PM Modi is visiting the Maldives at the invitation of President Muizzu to participate as the Guest of Honour at the country’s 60th Independence Day celebrations…reports Asian Lite News Prime Minister Narendra

Industry Hails India-UK FTA

£34 billion boost, sweeping tariff cuts and market access mark UK’s most ambitious post-Brexit trade pact; Indian sectors set for exports surge…reports Asian Lite News Business leaders from both India and the

India, UK Sign Landmark FTA

The pact is set to make imported goods like Scotch whisky, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers….reports Asian Lite News In a landmark moment for India-UK
Go toTop

Don't Miss

Russia, US and Commonwealth rush tonnes of aid

Around 15 countries are rushing critical emergency use equipment to

Lanka Thanks India for Continued Support During Economic Crisis

The project is being executed under an Indian LoC of