#Jordan, World Bank sign $250m loan

Jordan signed a soft loan of 250 million U.S. dollars with the World Bank to support the country's reforms in the electricity and water sectors.

The payback period is 35 years with an interest rate of about 1.25 percent while the grace period is five years, said Imad Fakhoury, Jordan's minister of Planning and International Cooperation, at the signing ceremony.

The loan, slated to be transferred by the end of 2016, seeks to improve the financial viability of Jordan's electricity and water sectors, which Fakhoury described as "part and parcel of our new vision" to achieve self-reliance and financial stability by 2025.

The loan will also help the kingdom save underground water resources, the minister said.

Jordan has been advancing political, social and economic reforms to adapt itself to changes in a region that was plunged into greater turmoil years ago. Enditem

source: Xinhua