Saudi to fund further projects in Jordan

Saudi to fund further projects in Jordan
SFD is expected to ink new contract agreements in Jordan [representational image of Amman].
Published: 25 July 2017 - 4 a.m.
By: Neha Bhatia

The Saudi Fund for Development (SFD) is expected to ink project deals with Jordan. 

Eng Abdullah bin Mohammad Al-Khowaitir, head of an SFD delegation currently visiting Jordan, said the finance body "is keen to continue cooperation with Jordan". 

Citing Jordanian state agency, Petra, Saudi state news agency, SPA reported that Al-Khowaitir's delegation "aims to follow up on projects implemented through the SFD" in Jordan.

The visit will feature contract signings for projects financed by SFD, including work for the Desert Highway development.

A $105m loan agreement between SFD and Jordan's Ministry of Planning and International Cooperation was signed for the reconstruction and rehabilitation of the Amman-Aqaba Desert Highway earlier this year

Al-Khowaitir's delegation is also expected to hold talks with Jordan's Ministers of Public Works and Housing, and Planning and International Cooperation. 

This March, Saudi Arabia and Jordan signed 15 major agreements covering key investment and economic domains in the latter country.

Jordan's His Majesty King Abdullah II and Saudi Arabia's Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, oversaw the signing of the memorandum of association of the Saudi-Jordanian Investment Fund Company.

According to a Petra report, the investment fund company will launch investments with an estimated value of $3bn in Jordan.

Private sector officials from both countries also inked a memorandum covering a $320m treatment and rehabilitation city project in Riyadh.

Another $54m agreement was signed to establish a Jordanian-Saudi medical services development company.


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