Jordan Times
Wednesday, September 19, 2001
Jordan receives $50m grant
from US
By Jumana Heresh
The cash transfer to be injected directly into the budget and treasury is the last instalment of the overall economic assistance package valued at $150 million for 2001.
The grant agreement was signed by US Ambassador, Edward W. Gnehm, and Toni Christiansen-Wagner, mission director of the United States Agency for International Development (USAID) representing the US side, and Minister of Planning Jawad Hadid.
“The grant will help support Jordan's balance of payments, strengthen foreign currency reserves and finance developmental projects covered by the budget,” said Hadid, following the signing ceremony.
“The US has injected $300 million into Jordan's balance of payments since 1997 to reduce its foreign debt,” said Gnehm.
He added that the grant aims to contribute to the Kingdom's overall macroeconomics programme.
“The US applauds Jordan's efforts towards international developments to broaden the economy. Hence, our ability through USAID is our way of saying that we do care about Jordan no matter what the circumstances are,” said Gnehm.
The signing of the grant agreement comes only a week after the attacks on the World Trade Centre and Pentagon.
With an estimated $40 billion budget put forward for recovery following US attacks, Christiansen-Wagner assured that US international assistance to Jordan will continue and is estimated at $150 million in 2002.
The US has invested in $70 million worth of projects in the Aqaba Special Economic Zone (ASEZ). Projects ranging from a wastewater plant to other ventures in the industrial, health and financial sectors. “The Aqaba free zone is the new economic hub representing a new dimension for trade and investment in Jordan,” she said.
Jordan and the US signed a free trade agreement in October, although the deal was approved by the US House of Representatives, it is still awaiting approval from the Senate before coming into effect.
Christiansen-Wagner expressed optimism about the FTA agreement between the two countries. “We hope to hear good news soon,” she said.