AMMAN: Jordan's state media say public and private sector officials from Saudi Arabia and Jordan have signed 15 economic agreements, including establishing a joint fund that will launch an estimated $3 billion worth of investments in Jordan.

The Petra news agency says the agreements were signed after a meeting late Monday between Saudi King Salman and Jordan's King Abdullah II.

Planned projects include reconstruction and rehabilitation of a north-south highway in Jordan and setting up a power plant on Jordan's eastern border.

Saudi Arabia has been one of Jordan's main financial backers. Jordan has faced an economic downturn, with sluggish growth, rising public debt and high unemployment.