His Majesty King Abdullah attended on Sunday the signing of agreements between Jordan and the United States of America under a Memorandum of Understanding (MoU) for the Lending Program to Jordanian Small and Medium Enterprises (SMEs).

Under the deal, signed on the sidelines of the World Economic Forum (WEF), loans will be provided to Jordanian SMEs for a period of 10 years with a low interest rate not exceeding five percent.

Secretary General of the Ministry of Planning and International Cooperation Saleh Kharabsheh said that the agreement includes loan guarantees worth $250 million for the governorates’ SMEs, in addition to $50 million grant from the U.S. Agency for International Development (USAID). He added that the main objective of the MoU is to increase access to credit for small and medium projects, especially in governorates that need more job opportunities.

President of the Overseas Private Investment Corporation (OPIC) Elizabeth L. Littlefield said the deal will contribute to launching new small and medium sized projects by stimulating greater access to credit and boost its growth and development.

US Ambassador to Jordan Stuart E. Jones said that the MoU reflects the strong U.S-Jordanian ties, noting that creating access to credit for SMEs will increase incomes, create job opportunities and stimulate economic growth.