Irbid Ring Road (Phase 1) in Jordan
A loan Agreement for 15 KD Million was Signed in Rabat on the 18th of April 2017 to help Finance the Irbid Ring Road (Phase 1).
The loan agreement was signed by H.E. Imad Najeeb Fakhori, Minister of the planning and International Cooperation, on behlf of the Government of the Hashemite Kingdom of Jordan, and by H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/ Chairman of the Board of Directions, on behalf of the Arab Fund.
The project aims at improving land transportation services and road networks in Irbid greater city and the surrounding areas and accommodating and diverting part of the increasing traffic within the city of Irbid and the traffic transiting through it, in addition to reducing traffic congestion and accidents.
The project includes the following main components:
The Ministry of Public Works and Housing will be the beneficiary
of the loan, and will be responsible for supervising.
The loan will carry interest at 2.5% per annum and will be repayable
over 30 years, including a 7 year grace period.
With the signing of the loan, the Arab Fundís total contribution
to financing projects in the Hashemite Kingdom of Jordan now amounts to KD 600 Million.