Announcement of World Bank Approves Ten Million Dollars Loan for the Cities and Villages Development Bank in Jordan on March 31, 1980

FOR IMMEDIATE RELEASE tW'orldBank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 80/72 March 31, 1980 WORLD BANK APPROVES $10 MILLION LOAN FOR THE CITIES AND VILLAGES DEVELOPMENT BANK IN JORDAN The World Bank has approved a $10 million loan to assist local communities in Jordan in a unique attempt to enhance the quality of life in villages and towns by supporting efforts at improving the provision of education, health and water supply services and increase the level of incomes by investing in market and storage facilities, slaughterhouses, small irrigation works and roads. ~ An important element of the project is the development of the recently established Cities and Villages Development Bank (CVDB) ihto an institution that will assist the local communities in identifying, pre- • paring and carrying out small development projects. For this, the project includes a technical assistance component to strengthen CVDB by providing training for its staff, consultant services to assist its management and studies to increase the number of income generation pro- jects. The project also provides CVDB with a line of credit to finance eligible subprojects, estimated to cost an aggregate of about $25 mill ion, over a two-year period. By improving public services and generating income in the less developed areas of the country, the project will help stem the migration from the rural areas and small towns to Amman and the larger towns. It will also increase the participation of the local communities in the national development process. The $10 million Bank loan to Jordan will have a term of 17 years including 4 years of grace, with interest at 8.25% per annum. NOTE: Money figures are expressed in U.S. dollar equivalents . •