In an effort to foster economic development in rural areas of Jordan, the European Bank for Reconstruction and Development (EBRD) has loaned $21 million to the Al Jazeera Agricultural Company to help expand and upgrade its facilities.
The investment will provide the Mafraq-based poultry producer with working capital and support for its expansion plans that include the construction of a new grain mill. “Through this investment, the bank will contribute to increasing employment opportunities and economic growth in rural areas,” said EBRD Vice President Philip Bennett.
The loan will also be used to help cut Al Jazeera’s fuel consumption by at least 20 percent, and comes as part of EBRD’s Finance and Technology Transfer Center for Climate Change program (FINTECC). “There is an increasing demand in the region for cost-effective energy efficiency solutions,” said Terry McCallion, the director of the EBRD’s Energy Efficiency and Climate Change team. “This investment will act as a regional demonstrator of the cost and environmental savings that are possible through installation of the right technologies.”
Since it began operating in Jordan in 2013, the EBRD invested $422 million in 22 projects that mainly focus on renewable energy and providing SMEs with greater access to funding.