Saudi Fund for Development reschedules Jordan’s $114 million debt

Updated 18 December 2018

Saudi Fund for Development reschedules Jordan’s $114 million debt

  • Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant

JEDDAH: The Saudi Fund for Development and the Jordanian government signed a deal on Monday to reschedule the repayment of $114 million Jordan owes to the fund. The debt includes 19 loans which will now be settled over 20 years, with a grace period of five years.
The Saudi Press Agency reported that the agreement was signed by Jordan’s Finance Minister Ezzedin Kanakriyah and SFD Deputy Chairman and Managing Director Khalid bin Sulaiman Al-Khudairy. It aims to help Jordan reduce its overall public debt.
Also present at the signing ceremony were Prince Khaled bin Faisal bin Turki, Saudi Arabia’s ambassador to Jordan, Jordan’s Minister of Planning and International Cooperation Mary Kawar, and Jordanian Central Bank Governor Ziad Fariz.
Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant, as part of a Gulf grant to Jordan through an account with the Central Bank of Jordan. This agreement aims to provide liquidity as quickly as possible and avoid the challenges associated with financial ceilings in the Jordanian general budget.
Jordan thanked Saudi Arabia for its contribution to this Gulf grant, which is worth $1.25 billion for strategic and high-priority projects. In addition to this, Saudi Arabia has contributed to a package of aid to Jordan within the framework of the Makkah Summit, as well as supporting the Jordanian government’s development efforts to ease the burden of hosting refugees through a grant of $100 million.
Prince Khaled highlighted the long-standing ties between the two countries and said that the Kingdom will continue to stand by Jordan and help support its economy. Kawar praised the strong bilateral ties between Jordan and the Kingdom, the foundations of which were laid by Saudi King Salman and Jordanian King Abdullah II.
The Jordanian side expressed its thanks and appreciation to Saudi Arabia, its leadership, government and people, for their continued support.


Four Saudi students to compete at international science and engineering fair

Updated 57 min 6 sec ago

Four Saudi students to compete at international science and engineering fair

  • Intel ISEF is the world’s largest pre-college science competition
  • The four women from Jeddah were winners at the Kingdom’s National Olympiad for Scientific Creativity

RIYADH: Four Saudi students will represent the Kingdom at a major international science and engineering fair in the US later this year.

The four women from Jeddah were winners at the Kingdom’s National Olympiad for Scientific Creativity. They will be competing against more than 1,700 students from 77 countries at the Intel International Science and Engineering Fair (Intel ISEF) for more than $5 million in awards and scholarships.

The Saudi students traveling to Arizona in May are Dan Mohammed Al-Yafei and Tharaa Tariq Al-Dabbagh, who won an award at the olympiad in the field of science and the environment, and Lana Fahd Al-Abbasi and Zeina Tariq Maimani, who won in the field of physics and astronomy.

Intel ISEF is the world’s largest pre-college science competition and is an opportunity for young minds around the world to share ideas and showcase cutting-edge projects.

Intel ISEF says the winners are selected on their creative ability, scientific thought, as well as the thoroughness, skill and clarity shown in their projects.

Former Intel ISEF participant Wud Al-Saadoon won first place in the finals of the Kingdom’s National Olympiad for Scientific Creativity after working extensively on her project. She discovered her passion for science when she was in third grade, passing all aptitude tests for elementary, intermediate and high school and registering in Mawhiba enrichment programs starting from elementary school to high school.

“These programs allow students to enrol temporarily in a Saudi university,” she told Arab News. “This is how I participated as a high school student in the second olympiad program before I enrolled at King Fahd University of Petroleum and Minerals.”

She specialized in renewable chemical energy and made a special device which won her third place in a local competition.

She then qualified for Intel ISEF, where she won fourth place in the field of chemical energy last year.