The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are together providing US $10 million to Cairo Amman Bank (CAB) to strengthen climate investments in Jordan.
The financial package of US$ 10 million, of which US$ 2.5 million was 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 to 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. It will also include technical advice on the implementation of the proposed energy investments as well as sessions to raise awareness and build capacity in relation to climate change mitigation and adaptation technologies. Eligible sub-borrowers are also expected to receive investment incentives funded by the European Union.