Saudi Arabia, UAE, Kuwait approve $2.5 bln in aid to Jordan

Saudi Arabia, Kuwait and the United Arab Emirates on Monday agreed to provide a $2.5 billion economic aid package to Jordan in order to help it overcome the current economic crisis.

The package, which was announced at a special meeting of the four nations in Makkah, will include a deposit in the Jordanian central bank, World Bank guarantees, budgetary support over five years and financing for development projects, according to a statement published by Saudi Press Agency.

The summit, which was hosted by King Salman, was attended by Jordan’s King Abdullah II, UAE's Prime Minister Sheikh Mohammed bin Rashid Al Maktoum and Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

Jordanian King thanked King Salman for holding the meeting and Kuwait and UAE for responding to this call, appreciating the three countries for providing this package of aid in order to overcome this crisis, the statement said.

Separately, European Union foreign policy chief Federica Mogherini on Sunday announced 20 million euros ($23.5 million) in aid for Jordan.

Jordan is struggling to contain its debt after securing a $723-million loan from the International Monetary Fund in 2016. Austerity measures, part of the loan, have increased prices of basic necessities leading to protests over tax proposals.