EBRD helps modernise poultry production in Jordan

AMMAN — The European Bank for Reconstruction and Development (EBRD) announced Monday in a press statement its first agribusiness project in Jordan.

"EBRD  is investing in the modernisation of the Jordanian poultry sector with a 19 million euro loan to local producer Al Jazeera Agricultural Company that will help increase the supply of safer and more hygienic produce for consumers," the press release said.

"The financing for Al Jazeera will provide working capital and also support the company’s expansion plans, including the construction of a new grain mill and investments in energy efficiency." The energy efficiency investments will reduce Al Jazeera’s fuel consumption for farmhouse heating by at least 20 per cent with the support of a $ 180,000 grant under the EBRD’s FINTECC (Finance and Technology Transfer Centre for Climate Change) programme. P

hilip Bennett, EBRD vice president, said: “We are very pleased to sign our first agribusiness project in the country; to support a strong, local company helping to set quality standards and improve food security in Jordan. In addition, through this investment the bank will contribute to increasing employment opportunities and economic growth in rural areas.”