Gov’t turns to alternative sources as World Bank reviews food security loan

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(Photo: World Bank Facebook)
AMMAN — Minister of Planning and International Cooperation Nasser Al-Shraideh announced Sunday that the government had reached preliminary agreements with international funding bodies amounting to $430 million.اضافة اعلان

Shraideh told Al-Ghad News that a project to enhance emergency food security with the World Bank was “under study” and that no agreement had yet been reached. He was responding to Al-Ghad report that said the World Bank had suspended funding for the emergency food security strengthening project, worth $480 million.

Al-Ghad said that sources at the World Bank did not deny the report, but refused to comment, while other sources confirmed that the project was still under study, and the bank had not yet decided to finance it.

Shraideh said that the government decided that financing for the project should come through other international financing bodies, namely the Islamic Development Bank (IDB), the European Investment Bank (EIB), the OPEC Fund for International Development (OFID), citing more favorable terms.

The minister explained that the Planning Ministry had reached preliminary funding agreements with the IDB for $200 million, the EIB for $130 million, and OFID for $100 million, bringing the total to $430 million.

Shraideh indicated that this funding will be allocated to financing “the commercial account linked to enhancing Jordan’s strategic stock of wheat and barley”, and that $30 million of the funding will be allocated to increase the absorptive capacity of both goods. 

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