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Obama Pledges $1 Billion Loan Guarantees For Jordan

President Barack Obama, right, meets with Jordan's King Abdullah II at The Annenberg Retreat at Sunnylands, Rancho Mirage, California, Feb. 14, 2014.
U.S. President Barack Obama has pledged $1 billion in loan guarantees for Jordan, a key Arab ally.

The president made the announcement Friday in California where he was meeting with Jordan's King Abdullah.

Jordan is one of the closest U.S. allies in the Middle East, and is one of only two Arab countries that have peace treaties with Israel. Egypt is the other.

Jordan's economy has been affected by the influx of nearly 600,000 refugees from the civil war in neighboring Syria.

Obama and the Jordanian king have discussed various Middle East situations during their Friday night talks in California.

Some information for this report was provided by AP and Reuters.