Saudi’s IsDB signs deals with Jordan to support food security & tourism sector

By Shilpa Annie Joseph, Desk Reporter
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Saudi Arabia
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Saudi Arabia-based Islamic Development Bank (IsDB) has signed two agreements with Jordan’s Ministry of Planning and International Cooperation in order to support food security and the tourism sector with funding of over $210 million.

Jordan’s Minister of Planning and International Cooperation Mr. Nasser Shraideh and President of the IsDB Mr. Muhammad Sulaiman Al Jasser have 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.

Furthermore, both sides have inked a $10 million worth soft loan agreement and a technical assistance grant agreement worth $50,000 to support small and medium enterprises (SMEs) in the tourism sector.

According to the statement, “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.”

Jordan’s Prime Minister Mr. Bisher Khasawneh 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 Modernization roadmap.

Mr. Al Jasser emphasized the bank’s interest in mainlining support as well as implementing development and service projects in Jordan, commending governmental reform efforts that would improve the business and investment environment in Jordan.

Mr. Shraideh remarked that “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 to face future grain price fluctuations.”

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