The Council, which includes the giant oil producer Saudi Arabia, the United Arab Emirates, Qatar, Kuwait Bahrain and Oman, voted unanimously in favour of the five year long initiative.
The decision has been adopted to speed up economic reform policies and help the government trim the large budget deficit.
Officials from the GCC said Morocco will also benefit from the decision. Jordan has boosted its ties with the Gulf countries after the kingdom sent its well trained troops to help local authorities in Bahrain to quell protests that call for wide reforms in the gulf country. Jordan has expressed strong desire to be member of the Gulf council in a bid to tackle its mounting economic troubles, exasperated by worldwide economic meltdown and rising fuel prices.
Last year the club of the rich countries have said no to a request that would have seen the cash strapped kingdom join the council with objection from key member states of the Council.