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Jordan seeks USD 250mn loan from World Bank – report

February 27, 2014

Jordan's government will launch talks with the World Bank in mid-March to arrange a USD 250mn loan, part of which will be used to cover the budget deficit, daily Ad-dustour reported on Feb 26 citing unnamed sources. The facility will have a 30-year life span with a five-year grace period holding a 1.28% interest rate.

The soft loan will also help cut the debt servicing and reduce reliance on the more expensive domestic debt market. The government has reportedly met the World Bank's requirements to release the financing.

In 2014, Jordan plans to boost foreign borrowing aiming to benefit from lower interest rates.

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Source: IntelliNews - Weekly Reports

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