AMMAN, 24th October, 2016 (WAM) — Jordan and the United States on Sunday inked four grant agreements worth US$787 million, as part of the US 2016 economic aid programme to the Kingdom.

The Petra News Agency quoted the Jordanian Minister of Planning and International Cooperation, Imad Fakhoury, as saying that a further $25 million will be provided under a concessional financing mechanism launched last year by the United Nations, World Bank and the Islamic Development Bank in order to reduce the cost of borrowing of middle-income countries such as Jordan.

The mechanism came as a result of a request Jordan had made to the president of the World Bank and donor nations in April 2015, bringing the total US aid to Jordan to $812 million in 2016, with an increase of $212 million of the rental value of economic aid set forth in a Memorandum of Understanding that governs the US aid to Jordan from 2015-2017.