EBRD, EU, GCF allocate $40m for green investments in Jordan

(Photo: Envato Elements)

AMMAN — In an effort to support Jordan’s transition to a greener economy, the European Bank for Reconstruction and Development (EBRD), the EU, and the Green Climate Fund (GCF) launched on Tuesday the Green Economy Financing Facility program (GEFF).اضافة اعلان


Jordan is the latest country to join the GEFF program in the southern and eastern Mediterranean (SEMED) region, a press statement said.


Under the program, the EBRD, GCF, and EU will provide a total of $40 million in financing to local banks, microfinance institutions, and leasing companies to on-lend to the private sector for investment in high-performance technologies and services.


Three GEFF facilities worth $22 million have already been signed with Cairo Amman Bank, Etihad Bank, and the Microfund for Women.


The GEFF program aims to address significant climate mitigation and adaptation challenges by encouraging micro-, small, and medium-sized enterprises, and households to invest in green and innovative technologies that promote energy, water, and material efficiency solutions alongside renewable energy,


The program launch was attended by Jordanian Environment Minister Muawieh Radaideh, EU Ambassador to Jordan Maria Hadjitheodosiou, EBRD Managing Director for SEMED Heike Harmgart, EBRD Director for the eastern Mediterranean region Philip ter Woort, and EBRD Managing Director for Financial Institutions Francis Malige.


Radaideh stated that Jordan appreciated the efforts of the EBRD, EU, and GCF in supporting Jordan’s economy.


“Jordan hosts refugees from several asylum waves, which has placed Jordan as the second poorest country in the world in terms of water, affecting agriculture, industry, welfare, and quality of life,” he said.


He also added that Jordan hopes to reduce 30 percent of greenhouse energy emissions in the next 10 years.


Representatives from the public and private sectors were present at the program launch, shared their views on challenges related to green financing, and put forward ideas on how to catalyze green investments in Jordan.


At the launch, Woort said: “We are very proud that, with EU and GCF support, we are all working to build a greener and more resilient economy in Jordan. I am confident that, jointly with our partner financial institutions, we will be able to share many more impactful success stories related to private sector investments in green technologies in the years to come.”



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