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Kuwaiti fund reschedules $300m of Jordan’s debts

By JT - Sep 21,2018 - Last updated at Sep 21,2018

AMMAN — The Ministry of Planning and International Cooperation (MOPIC) and the Kuwait Fund for Arab Economic Development on Thursday initialled an agreement to reschedule Jordan’s debts to the fund.

A MOPIC statement said the deal reflects Kuwait’s willingness “to help the Kingdom overcome its monetary and economic challenges ensuing from regional instability and its negative repercussions on the national economy”.

The agreement provides for the rescheduling of the Jordan’s debt to the fund that is not settled by December 31, 2018. These include 17 loans with a total value of KD 91.1 million, which is approximately equivalent $300.7 million. The debt would be settled over 40 years with a grace period of 15 years at an interest rate of 1 per cent.

The agreement was signed by MOPIC’s acting under-secretary, Ziyad Obeidat, and the Kuwaiti fund’s representative Marwan Al Ghanem, operations director at the fund.

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