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Obama to seek additional financial aid for Jordan

February 15, 2014

RANCHO MIRAGE, California (AP) — President Barack Obama says he’ll ask Congress to approve new financial aid for Jordan.

Jordan is a key Arab ally in the Middle East whose fragile economy is being stretched by the influx of refugees fleeing the civil war in next-door Syria.

Obama announced late Friday that he will seek $1 billion in loan guarantees. That would be on top of a $1.25 billion loan guarantee Congress approved last year.

He’ll also ask for a new, five-year funding agreement for Jordan. Officials did not immediately say what that would be worth. An existing agreement expires in September.

A loan guarantee essentially makes the U.S. responsible for repaying the money should Jordan default.

Obama announced his intentions in California, where he is meeting with Jordan’s King Abdullah II.

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