OFID lends Jordan $70m to boost economy

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A member of the Jordanian health ministry's epidemiological investigation team, takes a random nasal swab to test for COVID-19, from a man leaving the King Abdullah I mosque following the Friday noon prayers, in the capital Amman, on December 18, 2020. (Photo by Khalil MAZRAAWI / AFP)
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  • The loan will support the creation of some 14,500 jobs in the forestry and tourism sectors
  • It will also promote the employment of fresh graduates in the ICT sector, and strengthen the staffing of healthcare institutions

The OPEC Fund for International Development or OFID has signed a $70.5-million loan agreement with Jordan to help mitigate the socio-economic impact of the Covid-19 pandemic in the country, it said in a statement.

The loan is expected to be used to provide social-safety-net programs and stimulus packages to retain workers across various economic sectors and create new jobs.

The OFID statement said the loan would specifically support the creation of some 14,500 jobs in the forestry and tourism sectors.

It would also promote the employment of fresh graduates in the information and communication technology sector, and strengthen the staffing of various healthcare institutions.

OPEC Fund Director-General Abdulhamid Alkhalifa said in the statement, “As Jordan recovers from disruptions related to Covid-19, creating employment opportunities for youth remains especially critical. The OPEC Fund is pleased to partner with the Jordanian government and the World Bank to support job creation in key sectors and to help increase economic resilience.”

This loan is part of the OFID’s $1-billion commitment to Covid-19-related assistance for developing countries worldwide.

Including this loan, OFID has committed more than $322 million to support public, private, and trade-finance operations to help strengthen Jordan’s energy, health, education, and agriculture sectors, said the statement.

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