EBRD and Jordan to step up infrastructure development

By Nibal Zgheib

Investment cliamte

President Chakrabarti and Minister Fakhoury sign Memorandum of Understanding

  • EBRD and Jordan sign Memorandum of Understanding in connection with an infrastructure investment programme of more than €2.8 billion
  • Country plans to upgrade existing and develop new infrastructure
  • Sustainable investment aims to support economic growth and strengthen the country’s resilience

The EBRD and Jordan are stepping up their cooperation in the development of the country’s infrastructure to support economic growth and resilience.

EBRD President Suma Chakrabarti and Jordan’s Minister of Planning and International Cooperation Imad Najib Fakhoury laid the groundwork for an intensified collaboration on infrastructure development with the signing of a Memorandum of Understanding at the EBRD Annual Meeting in Jordan today.

EBRD President Chakrabarti said: “We are very pleased to sign this Memorandum of Understanding, which demonstrates our commitment to Jordan. Infrastructure development is key to unlocking the country’s potential and creating the basis for sustained and sound growth. In addition, the enhanced delivery of infrastructure and municipal services will result in tangible improvements in people’s daily lives.”

Minister Fakhoury added: “The EBRD has been an instrumental partner in supporting the country’s capital agenda, investing over €1 billion in Jordan. This Memorandum of Understanding further cements the cooperation between the EBRD and the government of Jordan on sustainable infrastructure development as the backbone of economic development, which is a critical element for Jordan’s economic growth and competitiveness as well as for improving public services to our citizens.”

In the document, the Bank confirms its interest in considering participation in Jordan’s infrastructure investment programme, which the country is developing to upgrade existing and develop new sustainable infrastructure. The €2.8 billion programme will cover multiple infrastructure sectors including energy, transport, water and wastewater, solid waste, education and other municipal services.

The EBRD confirms its readiness to consider the provision of long-term financing and technical assistance for eligible projects. The Bank also intends to support public-private partnership projects in order to stimulate private sector participation in the infrastructure sector.

Together with supporting sustainable energy and financing private enterprises, infrastructure development is one of the EBRD’s main priorities in Jordan. The Bank started operating in the country in 2012 and to date has provided approximately €1 billion in a wide range of sectors, including power and energy, municipal infrastructure, manufacturing, financial services and small and medium-sized enterprises.