Saudi Arabia, Kuwait, UAE contribute over USD 1 bn to Jordan's struggling economy

Saudi Arabia, Kuwait and the United Arab Emirates have placed over $1 billion in deposits at the Central Bank of Jordan and committed $500 million in budget support over five years as part of a $2.5 bln package to shore up the kingdom's struggling economy, a Jordanian government source said.

The source said a signing agreement will take place later on Thursday that announces the breakdown of a $2.5 billion aid package pledged last June to help the Jordan implement austerity measures which had sparked massive protests.

The package also includes $600 million in credit guarantees by the three Gulf countries that will help Jordan secure cheap World Bank credit and another financing for much-needed infrastructure projects.