Jordan, EBRD sign 33-million euros agreements

Amman-The Jordanian Government and the European Bank for Reconstruction and Development (EBRD) on Wednesday signed a soft loan and two grant agreements worth 33- million euros to support the infrastructure sector and to develop the sanitation services in the northern governorate of Irbid.

Under the agreements, penned by Minister of Planning and International Cooperation, Imad Fakhoury and the envoy of the European Union Mission here, Andrea Fontana, the EBRD will extend a 25-million euros concessional loan, in addition to a 8.2-million euros grant.

The repayment period of the loan extends over 18 years and includes a grace period of four years and a favorable interest rate.

The EBRD-funded sanitation development project will cover 15 villages west of Irbid governorate, a bid to increase beneficiaries of the sanitation network to 100 thousand, including the Syrian refugee communities in these areas.

In a press statement after the signing ceremony, Fakhoury said this kind of financing is a feasible alternative to internal and foreign trade lending due to its diverse concessional privileges.

Source: Jordan News Agency