Gov't signs deal with Kuwaiti fund to spearhead trade development

AMMAN — The Ministry of Planning and International Cooperation on Monday signed a grant agreement of 300,000 Kuwaiti dinars (around $992,000) with the Arab Fund for Economic and Social Development (AFESD), according to a ministry statement. 

The agreement allows AFESD to contribute to financing an electronic tracking system for transit trucks in Jordan. 

The project is part of the “Jordan 2025” vision aimed at enhancing the Kingdom's role as a regional gateway and hub for commerce, business and investment, the ministry statement said.

Planning Minister Imad Fakhoury, who signed the agreement on behalf of the government, said it aims to provide  the Jordan Customs Department with modern devices for an e-tracking system of transit trucks in a way that sustains the system effectively. 

The grant, signed by AFESD Chairman and Director General Abdul Latif Hamad, would also help provide more facilities to guarantee flexible movement of goods passing through the Kingdom, increase control over goods, limit smuggling, and increase Treasury revenues, the statement added.

Fakhoury said AFESD is one of the Kingdom's main partners in supporting development projects, noting that in the last 40 years, between 1975 and 2015, the fund has contributed to financing 46 economic and social schemes for a total value of $1.791 billion. Additionally, is has provided $43 million as grants during the same period.

AFESD has also contributed to financing small and medium projects through soft loans worth $80 million, added the statement.