French agency to finance development projects with 90 million euros

By JT - Jun 14,2015 - Last updated at Jun 14,2015

Planning and International Cooperation Minister Imad Fakhoury meets with Angel Gurria, secretary general of the Organisation for Economic Co-operation and Development, in Paris recently (Photo courtesy of Ministry of Planning and International Cooperation)

AMMAN — The French Development Agency will finance the Jordan Electric Power Company's green corridor project, in partnership with the European Investment Bank and through a grant from the EU, according to a statement released Sunday.

The agreement was reached during a visit to Paris by Planning and International Cooperation Minister Imad Fakhoury, where he met with the agency's CEO, Anne Paugam.

At the meeting, the agency announced that it will also finance the second phase of the Wadi Al Arab project, at a total cost of 90 million euros for both projects, according to the statement, issued by the Ministry of Planning and International Cooperation.

The agency will offer the Kingdom a 150 million euro loan to help the budget support the water, transport and local development sectors, with a related agreement expected to be signed within the next few months.

Fakhoury also met with officials at the French foreign and finance ministries, and discussed the possibility of Jordan receiving soft loans to support the state budget and other vital sectors.

He also acquainted the French officials with the available investment opportunities in the Kingdom, calling on French companies to benefit from such potential.

For their part, the French officials praised Jordan's role in hosting 1.4 million Syrians, calling on the international community to support the Kingdom's efforts in this regard.

The officials also stressed that they will exert more efforts, at the bilateral and international levels, to help Jordan overcome the difficult circumstances it is going through.

Fakhoury also met with Organisation for Economic Co-operation and Development (OECD) Secretary General Angel Gurria and discussed the possibility of Jordan joining the development centre affiliated with the organisation.

The minister also called on the OECD to support the Kingdom's call to facilitate procedures for countries affected by the Syrian crisis to receive development assistance and soft loans.

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