Jordan to host 2018 Arab financial institutions' annual meeting

AMMAN – Minister of Planning and International Cooperation Imad Fakhoury headed the Jordanian delegation to the 46th meeting of the Board of Governors of the Arab Fund for Economic and Social Development (AFESD) in Rabat, Morocco, which comes as part of the Joint Annual Meeting of the Arab Financial Institutions, a Planning Ministry statement said on Tuesday.

Fakhoury, who is also Jordan's governor at AFESD, said the meeting approved the administrative and financial reports for 2016.

The minister highlighted the importance of participating in the meeting, as the fund played an "outstanding" role in supporting development in Jordan.

During the meeting, participants approved Jordan as the host country for the 2018 meeting.

Fakhoury expressed appreciation for the Moroccan hospitability and the support of the Arab development funds including Saudi Arabia, Kuwaiti, and Abu Dhabi funds for development, as well as the Islamic Bank Group.

On the meeting's sidelines, the planning minister signed a loan agreement with the AFESD chairman, Abdullatif Youssef Al Hamad, worth $49million, to fund Irbid's Ring Road. 

They also signed a grant agreement, worth $655,000 to expand the storehouses and offices of the Jordan Hashemite Charity Organisation in Ghabawi.

During the signing ceremony, Fakhoury said the Jordanian government and AFESD have almost finished discussions on the funding of Salt Ring Road, which will contribute to creating a development corridor for Balqa Governorate, 35km northwest of Amman, mitigating traffic congestions and improving land transport.

The minister stressed the priority of grants, adding that, after maximising grants and capital projects with the public-private sector partnership, concessional funding for the general budget and the paramount development projects will be available as an alternative to loaning. 

He explained this would contribute to bridging the financial gap, as the concessional funding reduces interest rates and increases grace periods, contributing to restructuring debts in accordance with the financial reform programme and the IMF guidelines.

Fakhoury also held meetings with AFESD Director General and Chairman Abdul Lateef Al Hamad, Director General of the Kuwait Fund for Arab Economic Development Abdelwahab Ahmad Al Bader and Vice Chairman and Managing Director of the Saudi Fund for Development Youssef Bin Ibrahim Al Bassam, where he discussed ways to boost future cooperation.

The opening session of the meeting, under the patronage of Morrocan King Mohammed VI, was also attended by Finance Minister Omar Malhas and the Central Bank of Jordan's Governor Ziad Freiz.