EU approves 500m euros soft loan to Jordan

AMMAN — The European Parliament on Tuesday agreed with a vast majority to grant Jordan a soft loan of 500 million euros with a low interest rate to support the Kingdom's economy and alleviate burdens of regional crises, according to Jordan's Ambassador in Brussels Yousef Bataineh.

On September 6, the European Commission adopted a proposal to provide the Kingdom with 500 million euros as part of a new Macro-Financial Assistance (MFA) programme to stimulate the growth and investment, create jobs, support economic stability and speeding up procedures to implement economic reforms.

Bataineh, in a Foreign Ministry statement, said that this decision is a “big appreciation” for the Jordanian role in the region.

“Today’s proposal demonstrates the EU’s sustained commitment to supporting Jordan in what remain challenging times. Jordan has made significant strides in its reform process; but addressing economic difficulties requires continued action,” Pierre Moscovici, commissioner in charge of economic and financial affairs, taxation and customs, was quoted as saying in September.

The new programme would build on the two previous MFA programmes through which the EU has disbursed a total of 380 million euros to Jordan since 2011.