The Cabinet meeting chaired by King Salman Tuesday gave greenlight to the Bank of Jordan to open branches in the Kingdom to practice banking activities.
Listed on the Amman Stock Exchange, the Bank of Jordan was founded in 1960 and operates over 100 branches in the country.
The green light comes as Crown Prince Mohamed bin Salman visited Jordan the same day as part of a regional tour that took him to Egypt and Turkey.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is looking into investing billions of dollars in mega-infrastructure projects in Jordan, including an estimated $2.5 billion railway project, a senior Jordanian official said.
Saudi Arabia, Reuters reports, has over $12 billion worth of investments in Jordan and once rescued the country with cash injections, but has held off direct budget support.