EBRD, EU, and GCF provide $10 million to Cairo Amman Bank (CAB) to strengthen climate investments in Jordan.
The $10 million loan, which is $2.5 million co-financed by the GCF, will enable CAB to extend sub-loans to small and medium-sized enterprises (SMEs) that invest in climate change mitigation and adaptation technologies and services.
This is the first facility for CAB under the GCF-GEFF Regional Framework in Jordan and will include a technical cooperation (TC) package funded by the EBRD, the European Union, and GCF. The TC package will include an assessment of the optimal technology for better integrating climate change practices into the local private MSMEs and households targeted.
The package will also include technical advice on the implementation of the proposed energy investments as well as sessions to raise awareness and build capacity on climate change mitigation and adaptation technologies.
“It gives us great pleasure to announce a new era of green climate investments in Jordan in collaboration with EBRD and GCF. This facility will enable our bank to invest in climate change and green technology. Through this cooperation, we have received the right moral and financial support to strengthen our partnership with EBRD and to continue the success stories that contributed much to our country’s economic growth in the past few decades,” Kamal Al Bakri, Chief Executive Officer of Cairo Amman bank, said.
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