Infrastructure Development in the Petra Region of Jordan
A loan agreement for KD 6 million was signed in Amman on the 28th of December 2015 between the Government of the Hashemite Kingdom of Jordan and the Arab Fund for Economic and Social Development to help finance Infrastructure Development in the Petra Region in the Hashemite Kingdom of Jordan.
The loan agreement was signed by H.E. Mr. Imad Najeeb Fakhori, Minster of Planning and International Cooperation, on behalf of the Government of Hashemite Kingdom of Jordan, and by H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/ Chairman of the Board of Directors, on behalf of the Arab Fund.
The project aims at developing tourism activity in Jordan, improving infrastructure in the Petra region and the surrounding urban centers, meeting the increasing demand for road traffic and relieving congestion within the region. This will be achieved through the construction of tourism and recreational facilities, in addition to the improvement and development of the internal road network in the project area and linking it to the main network.
The project includes the following main components:
1- Construction of Tourism and Recreational Facilities.
2- Development of the Internal Road Network.
3- Technical Services.
The loan will carry interest at 3% per annum, and will be repayable over 22 years including a 5-year grace period.
Petra Development and Tourism Regional Authority will be the beneficiary of the loan, and will be responsible for supervising and implementing the project.
With the signing of this loan, the Arab Fundís total contribution to financing projects in the Hashemite Kingdom of Jordan now amounts to KD 585.15 million.