The European Commission has proposed a new Macro-Financial Assistance (MFA) program for Jordan worth up to 500 million euros (552.67 million U.S. dollars), a delegation to Jordan said Monday.
The proposed financial assistance aims to provide support to the ambitious Jordanian reform agenda, promoting jobs, growth and investment for the benefit of the people of Jordan, the EU delegation in Jordan said in a statement.
The proposal demonstrates the EU’s “sustained commitment to supporting Jordan in what remain challenging times,” Pierre Moscovici, commissioner in charge of Economic and Financial Affairs, Taxation and Customs, said in the statement.
“Jordan has made significant strides in its reform process, but addressing economic difficulties requires continued action. The commission stands ready to work closely with the Jordanian authorities to deliver the vital economic reforms necessary to secure a stronger, more stable economy for the benefit of its people,” Moscovici said.
The new program would build on the two previous MFA programmes through which the EU has disbursed a total of 380 million euros to Jordan since 2011, according to the statement.
The EU’s support to Jordan, including the MFA programs, assists the country in mitigating the impact of the Syrian crisis, in accordance with the EU-Jordan Partnership Priorities, as confirmed during the third Brussels Conference on the Future of Syria and the Region in March 2019 and the EU-Jordan Association Council in July 2019.
The EU has already mobilized over 2.2 billion euros for Jordan since the beginning of the Syrian crisis in 2011.