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EBRD provides liquidity support for Jordan District Energy

In order to address the urgent liquidity needs of Jordan District Energy PSC (JDE) caused by the impact of the coronavirus (COVID-19) pandemic, the European Bank for Reconstruction and Development (EBRD) is providing a JOD 1.5 million (EUR1.74 million) emergency facility to the Jordanien private energy utility.

A joint venture owned by Abdali Group, MAWARED, and Horizon, Jordan District Energy (JDE) is the first private energy utility for district chilled water, heating, and cooling in the southern and eastern Mediterranean region (photo courtesy JDE).

Jordan District Energy (JDE) owns and operates Jordan’s – and the region’s – first district energy plant located in Abdali New Downtown Development in Amman. The EBRD co-financed the construction of the US$100 million plant in 2014.

According to a statement, the financing will help cover day-to-day expenses such as payroll, electricity, and fuel. The EBRD funds come under the Bank’s EUR 4 billion Resilience Framework in support of existing clients affected by the crisis.

The new financing agreement was signed by Philip ter Woort, EBRD Regional Head of Eastern Mediterranean, and Amer Al Fayez, Chairman of JDE’s Board of Directors.

Since the start of its operations in Jordan in 2012, the EBRD has provided over EUR 1.4 billion in 54 projects to the country’s economy. The Bank’s priorities in Jordan are the support of sustainable energy, financing private enterprises, and promoting infrastructure reform.

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