European Union signs EUR200 million assistance programme

Jordan will receive further Macro-Financial Assistance (MFA) from the European Union.

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, on behalf of the EU, has signed the agreement for a second Macro-Financial Assistance (MFA) programme with Jordan, worth EUR200 million. This macro-financial assistance is the second programme Jordan receives following EUR180 million approved in 2013 and fully disbursed in 2015. It is part of the EU's comprehensive effort to help Jordan mitigate the economic and social impact from regional conflicts and the presence of a large number of Syrian refugees, as confirmed during the Brussels Conference on Supporting the Future of Syria and the Region in April 2017 and the EU-Jordan Association Council in July 2017.

The EUR200 million programme, in the form of medium-term loans at favourable financing conditions, will help Jordan cover its external financing needs in 2017 and 2018, support reform measures in the areas of public finance management and taxation, promote investments and exports, strengthen the country's social safety net, and foster job creation.

Commissioner Moscovici said: "Jordan's economy and public finances have been strongly affected by the war in Syria and the protracted refugee crisis. The European Union stands by Jordan in these very difficult times. The agreement signed today provides further important support for Jordan's efforts to preserve macroeconomic stability and reform its economy."

Source: Wam