The European Investment Bank (EIB), the lending arm of the European Union, and the Cities and Villages Development Bank (CDVB) have signed a loan agreement of EUR 45 million to finance energy efficiency projects targeting municipal, building and lighting infrastructure in Jordan.
This first EIB loan to municipalities in Jordan, through CVDB which will allocate additional 45 million from own resources to the project, will have a substantial impact on the sustainable development of municipalities in Jordan, especially those most affected by the refugee crisis and far from economic centres. It will concretely reduce the energy costs for municipalities by boosting the implementation of renewable energy and energy efficiency projects such as rooftop solar PV, street lighting refurbishments, energy efficiency building and other similar types of investments.
The EIB has significantly been supporting Jordan’s economic development over the years by investing in key sectors of the economy such as industry, water, education, and energy in addition to private sector operations. The EIB pledged, as part of its contribution to the EU’s support to Jordan,EUR 870 million of loans and grants for2019-2020 to support key infrastructures in Jordan and the development of the private sector.