OFID loans US.5m to Jordan to aid COVID-19 socio-economic impact

OFID loans US$70.5m to Jordan to aid COVID-19 socio-economic impact

The OPEC Fund for International Development (OFID) has announced the signing of a US$70.5 million loan agreement with Jordan to help mitigate the socio-economic impact of the COVID-19 pandemic by providing social safety net programmes and stimulus packages that aim to retain workers across various economic sectors and create new jobs.

According to OFID’s statement, the Fund loan will specifically support the creation of some 14,500 jobs in the forestry and tourism sectors; 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, “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 OPEC Fund’s US$1 billion commitment to collective and coordinated COVID-19-related assistance for developing countries worldwide.

Including the present loan, the OPEC Fund has committed more than US$322 million to support public, private and trade finance operations that are helping strengthen Jordan’s energy, health, education and agriculture sectors.

OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.