A senior official at the European Bank for Reconstruction and Development (EBRD) said that the bank will start the execution of two projects in Jordan by the end of this year. EBRD first Vice President Varel Freeman told "Petra" that $390 million will be invested in Jordan to support trade and establish a power plant in Amman. "We believe that Jordan will rapidly benefit from these projects with its strong economic opportunities despite the regional challenges" he said.
He added that the bank’s decision to start its regional investment here is due to the belief in the Kingdom’s ability to grow as well as the advanced legal infrastructure, noting to the stable Jordanian economic climate.
"The first project will finance trade in terms of exports and imports with a $30 million value in cooperation with the Capital Bank of Jordan, while the second includes establishing an electric power plant in eastern Amman with a $360 million investment value, $100 million of which will be covered by the bank, according to compatible specifications with the bank’s strategy" he explained.
In response to a question about the expected investment volume in Jordan, Freeman said that it has no ceiling but depends on the available opportunities, adding that the selection of projects is based on the development needs and priorities on one hand, and on the bank’s investment trends and policies on the other hand.
"In addition to these two projects, the bank is considering new projects with the Ministry of Water and Irrigation to rehabilitate water networks and with the Ministry of Municipal Affairs to raise the municipal services’ efficiency" he added.
He also hailed the Jordanian banking sector starting from the level of organization and the Central Bank of Jordan supervision, pointing to the EBRD’s negotiations with 6 Jordanian banks to finance new projects in the Kingdom.
Founded in 1991, EBRD uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Headquartered in London, it is now owned by 63 countries and two intergovernmental institutions. Despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.