In a concerted effort to promote sustainable development and combat climate change, the European Bank for Reconstruction and Development (EBRD), together with the European Union (EU) and the Green Climate Fund (GCF), has launched a green investment initiative in Jordan. Standing in the lead. A significant financing package has been provided to Jordan’s leading microfinance institution, Tamweelcom, through the EBRD’s Green Economy Financing Facility (GEFF).
The total funding package of USD 4 million (EUR 3.6 million) includes a USD 1 million (EUR 922,000) co-financing from GCF and incentives from the EU. Furthermore, technical assistance supported by the EBRD, the EU and the GCF will complement the financial support provided.
The initiative aims to provide financial support to the private sector and local micro, small and medium enterprises (MSMEs) for investment in climate change mitigation and adaptation technologies and services. Tamwielcom will play a vital role in facilitating access to finance, particularly for secondary borrowers seeking financing for green finance and climate change-related projects.
Through GEFF, Tamwielcom will strengthen its capacity to carry out awareness campaigns targeting both men and women. Sub-borrowers can also benefit from cashback incentives upon successful implementation of eligible projects.
Additionally, a comprehensive technical cooperation package will support project preparation, implementation and monitoring. Tamwielcom staff will receive gender-responsive green finance training to address gender-specific barriers in the demand and supply of financial services.
The financing agreement was formally signed between Mike Taylor, Head of EBRD Financial Institutions for the Southern and Eastern Mediterranean Region, and Bassem Kanfar, CEO of Tamwielcom. Mr. Taylor expressed optimism about the collaboration, highlighting its potential to increase financing to the private sector and encourage investment in sustainable practices.
Thibault Moyer, Deputy Head of Cooperation at the Delegation of Jordan to the European Union, underlined the EU’s commitment to boost development cooperation and strengthen climate action through resource mobilization. He emphasized the importance of strengthening the private sector, especially MSMEs, in promoting economic development and job creation.
Basem Khanfar, CEO of Tamweelcom, highlighted the institution’s commitment to global sustainability goals and its role in providing green finance solutions. He highlighted the agreement’s potential to enable small and medium-sized enterprises to invest in environmentally friendly initiatives, thereby delivering positive environmental outcomes and contributing to climate change mitigation.
With its extensive commitment and commitment to environmental and social responsibility, Tamweelcom aims to empower entrepreneurs and improve livelihoods while promoting sustainable development.
Since 2012, the EBRD has provided financial support to Jordan with a focus on private sector development. The collaboration with Tamweelcom is an important milestone in promoting green investments and sustainable practices in the region.
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