President Obama To Seek Additional Financial Aid For Jordan - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

President Obama To Seek Additional Financial Aid For Jordan

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RANCHO MIRAGE, Calif. (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.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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