Planning Ministry, IsDB ink deal to support food security, tourism sector

AMMAN — The Ministry of Planning and International Cooperation and the Islamic Development Bank (IsDB) Group on Thursday signed two agreements meant to support food security and the tourism sector with funding of over $210 million. 

Prime Minister Bisher Khasawneh attended the signing ceremony, during which Planning and International Cooperation Minister Nasser Shraideh and President of the IsDB Muhammad Sulaiman Al Jasser signed a deferred payment agreement and a soft loan agreement in order to finance the emergency food security project in Jordan, with a total value of $200 million.

Both sides also signed a $10 million soft loan agreement and a technical assistance grant agreement worth $50,000 to support SMEs in the tourism sector, the Jordan News Agency, Petra, reported.

On the sidelines of the ceremony, Khasawneh said that His Majesty King Abdullah's “forward-looking” vision to ensure strategic food stocks in grain silos and enhance supplies of basic commodities has spared the Kingdom from the global wave of soaring food prices, the consequences of the Russia-Ukraine crisis and the repercussions of the COVID-19 pandemic.

The prime minister said that the Economic Modernisation Vision, a major reform project for Jordan to be implemented over the next 10 years, aims to create one million jobs for Jordanians and increase the GDP growth rate to about 5 per cent.  

He also commended the IsDB's ongoing support of Jordan's economic projects, expressing keenness to continue partnerships with the bank in various fields, especially the Public Sector Modernisation roadmap. 

Al Jasser emphasised the bank's interest in mainlining support and implementing development and service projects in Jordan, commending governmental reform efforts that would improve the business and investment environment in Jordan.

This funding aims to boost Jordan's reserves of strategic commodities, namely wheat and barley, build new storage containers, as well as strengthen Jordan's food security system and enable the country face future grain price fluctuations, Shraideh said.

The tourism-related agreement is intended to help the owners of SMEs in the tourism sector overcome the impact of the pandemic, maintain their operations and support the preservation of jobs, as the tourism sector plays a significant role in Jordan’s economic growth.