EBRD, local banks support Ayla Village

AMMAN —  The European Bank for Reconstruction and Development (EBRD) announced Saturday in a press sattement that it has  teamed up with Capital Bank of Jordan and Societé Générale Jordan to support the Ayla Oasis project. 

"The EBRD will provide a $60 million loan, while the two commercial banks will contribute $20 million each, for the development of Ayla Village, which will serve as the vibrant hub of Ayla Oasis," the statement said.

"Investments include the construction of a public promenade merging the old centre of Aqaba with the planned souk area as a new meeting place for locals and visitors, offering modern retail and entertainment space," it added.

"Two new hotels will serve locals as well as international visitors and one will be managed by Hyatt International Corporation, a leading global brand in the tourism and hospitality industry. EBRD President Suma Chakrabarti said:“We are proud to support a project that will develop Jordan’s potential as a tourism destination, one of the country’s major assets.

In particular, this will be done in an economically, environmentally and socially sustainable way. We are confident that this investment will help Aqaba become a prime destination on the Red Sea.”