EBRD Prepares To Implement Two Projects In Jordan

The European Bank for Reconstruction and Development (EBRD) will start implementing two projects in Jordan valued at $390 million before the end of the year, according to EBRD First Vice President Varel Freeman.

The first project, to be implemented in cooperation with the Capital Bank of Jordan, is valued at $30 million and will finance exports and imports operations in the Kingdom, Freeman said in an interview with the Jordan News Agency, Petra.

The second project entails the establishment of a station to generate electricity in east Amman with a $360 million investment, $100 of which will be covered by the bank, he added, noting that the project will be implemented in cooperation with other investors.

The bank decided to start its investments in Jordan, which has become a member of the EBRD in 2011 along with Egypt, Tunisia and Morocco, due to the country’s safe investment environment.

“We believe that Jordan has strong economic opportunities despite the regional challenges”, he said.

In response to a question about the expected investment volume in Jordan, Freeman said there is no ceiling, noting that it also depends on the available opportunities.

He indicated that the bank is studying with the Ministry of Water and Irrigation and the Ministry of Municipal Affairs the possibility of implementing projects to rehabilitate water networks and enhance the quality of municipal services in the country.

Jordantimes