Obama pledges $1 billion in loan guarantees for Jordan

RANCHO MIRAGE, California (Reuters) - U.S. President Barack Obama on Friday pledged $1 billion in loan guarantees for Middle East ally Jordan and the renewal of a five-year aid package. Obama made the announcement while meeting with Jordan's King Abdullah at a summit at a California retreat. Jordan, one of the United States' closest allies in the Middle East, is a regional player in diplomatic efforts seeking peace in the turbulent region and is one of two Arab countries, the other being Egypt, that has signed a peace treaty with Israel. (Reporting by Steve Holland; Writing by Mark Felsenthal; Editing by Lisa Shumaker)