Food & Climate
The European Investment Bank (EIB) has confirmed its largest water financing in Jordan to improve water availability, security and sustainability across the country and increase access to water supply, improve sanitation and reduce water losses, according the bank statement that “Food & Climate” received today.
The €400 million 30-year loan, backed by a European Union guarantee, was signed in Brussels by Jordanian Minister of Planning and International Cooperation Zeina Toukan and EIB Director Lionel Rapaille.
Pierre-Christophe Chatzisavas, EU Ambassador to Jordan, and Francisco Gaztelu Mezquiriz, European Commission Director for southern neighbourhood policy, witnessed the event, which took place alongside the 15th meeting of the EU-Jordan Association Council this week.
The new loan represents both the largest EIB backing for water investment outside Europe, and the EIB’s first financing worldwide in which disbursements will be tied to the achievement of policy and impact objectives – a system known as results-based financing.
“The European Investment Bank is a key partner for priority investment in Jordan. The EIB’s latest backing for water investment will strengthen water security across Jordan and help to deliver our national water strategy goals. Improving water security, increasing water supply and expanding sanitation will benefit people across Jordan, enhancing both public health and tackling the impact of climate change.” said Zeina Toukan, Minister of Planning and International Cooperation of the Hashemite Kingdom of Jordan.
EIB Vice-President Gelsomina Vigliotti said the loan highlights the importance of helping countries that are particularly vulnerable to climate change, The financing is part of a pooled-resource system known as “Team Europe”, which brings EU and Member-State institutions.
“The European Investment Bank is committed to supporting climate resilience and sustainable development here in Jordan, one of the world’s most water-scarce countries. The new EUR 400 million water security loan for investment agreed today, our largest ever financing for water in Jordan, will strengthen water security across Jordan in the years to come and demonstrate how the Team Europe initiative is backing climate adaptation. Jordan is the first country worldwide to benefit from EIB’s results-based financing to strengthen impact and efficiency.” said Gelsomina Vigliotti, Vice President of the European Investment Bank.