Businesses in the region have often complained about the lack of or the difficulty in obtaining financing for the green initiatives that they would like to undertake, such as building retrofitting. Ruba Al-Zu’bi, the CEO of EDAMA Association, an NGO based in Jordan, reveals a few green financing opportunities available in Jordan.
The Jordan Renewable Energy and Energy Efficiency Fund (JREEEF), under the Ministry of Energy and Mineral Resources, “provides financing through different mechanisms to support energy efficiency and renewable energy projects”, says Al-Zu’bi.
Speaking about the country’s banking sector, she says that there are two banks that have green products. “The Central Bank of Jordan is playing a big role, because they have a facility within the bank that lends at very low interest rates to commercial banks, so those commercial banks can, in turn, lend to consumers at low interest rates,” she says.
Furthermore, she reveals that development agencies, such as the European Bank for Reconstruction and Development (EBRD), Agence Française de Développement (AFD), International Finance Corporation (IFC) and European Investment Bank (EIB), in some way work with the banking sector to provide financing for clean energy solutions.