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EBRD to boost investments in Kingdom to over $100 million annually

By JT - Feb 29,2024 - Last updated at Feb 29,2024

The European Bank for Reconstruction and Development on Wednesday announces its intention to expand its annual investments in Jordan to over $100 million (Petra photo)

AMMAN — The European Bank for Reconstruction and Development (EBRD) on Wednesday announced its intention to expand its annual investments in Jordan to over $100 million. These investments will span various sectors, including energy, water, clean energy, and green economy initiatives.

EBRD First Vice President Jurgen Rigterink, during his visit to Amman, praised the Kingdom’s robust medium-term economic growth and stability amidst regional crises, attributing this resilience to the successful implementation of the Economic Modernisation Vision and the attraction of foreign direct investment, according to the Jordan News Agency, Petra.

Rigterink also commented on the potential impact of the Israeli war on Gaza on Jordan’s economy and anticipated repercussions on Jordan’s resilient economy, which has been characterised by stable growth and low inflation rates, due to the peg of the Jordanian dinar to the US dollar.

Rigterink also said that the EBRD is committed to supporting Jordan’s transition to an inclusive, competitive, and sustainable economy. He also highlighted the bank’s technical and advisory support to 500 SMEs, the backbone of the economy and providers of employment.

 The official also mentioned the EBRD’s banking facilities for SME projects through local financial institutions and the launch of Green Economy Financing to promote green investments in Jordan. He also highlighted several projects in the Aqaba Special Economic Zone, such as e-buses to reduce pollution and energy consumption, and solid waste management initiatives.

Rigterink also commended the government’s efforts towards economic growth, notably the launching of the economic modernisation vision, which includes developmental and strategic projects aimed at reducing unemployment rates, as well as the legislation supporting this vision.

Over the past 12 years, the EBRD has invested in 71 projects in the Kingdom, worth an estimated 2.1 billion Euros, including 268 million Euros in concessional financing. Last year alone, the EBRD invested in five projects worth 62 million Euros, Rigterink said.

Jordan joined the EBRD as a member in 2011 and was granted recipient status in 2013. The bank maintains a permanent office to manage its operations in the Kingdom, the West Bank, Gaza, and Lebanon.

 

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