The European Bank for Reconstruction and Development (EBRD) has signed a preliminary agreement with Jordan to finance an infrastructure investment program worth 2.8 billion euros.

“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,” said Minister of Planning and International Cooperation Imad Najib Fakhoury after a signing ceremony last month.

EBRD President Suma Chakrabarti said the finance deal would help fund projects across multiple sectors, including energy, transport, water and wastewater, solid waste, education and other municipal services. “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.”

The EBRD began operating in Jordan in 2012 and has since provided more than $1 billion to finance development schemes in sectors such as energy, municipal infrastructure, manufacturing, financial services and small and medium-sized enterprises.