U.S. grants Jordan US$50m

U.S. grants Jordan US$50m

AMMAN (AFP): Jordan received a US$50-million economic and development assistance grant from the United States on Tuesday to support its balance of payments, the U.S. embassy said in a statement.

The funds will help "support Jordan's ongoing economic restructuring and reform process, promote investment, stimulate trade, generate employment and increase household income," the statement said.

The grant is the last portion of an overall economic assistance package for the year 2001 valued at $150 million, the statement said.

Washington grants Jordan annual economic aid of $150 million and military assistance estimated at between $50 and 75 million.

The countries signed a free trade agreement in October aimed at boosting U.S. investment in the kingdom.