JORDAN: Energy sector gets $3 million investment  Financial Services

The energy sector of Jordan facing acute shortage gets the funding from the European Bank for Reconstruction and Development (EBRD) with an investment that will boost up the adequacy of energy consumption in the country’s water sector.

EBRD sanctioned a $3 million loan to the regional energy service companies (ESCOs) owned by Engicon O&M will finance projects in water and waste water management.

The modernization of the Wala and Lib water pumping stations that serve the town of Madaba, south of Amman will be undertaken through the investment facility.

The EBRD’s investment count on, and brings up, a progressive German Agency for International Cooperation (GIZ) pilot project with Engicon ESCOs.

Through the improved pumping technology and its modification, results into greater energy competency and reduced costs for the Water Authority of Jordan, one of the country’s biggest energy consumers.

EBRD’s regional facility will provide the financing, which will also be utilized to enhance management and operation of the pumps.

Energy proving to be an acute problem in Jordan and this collaboration will fix up the increased use of energy-saving functions. This will also lead to further encouragement of private sector participation in important public sector ventures, says, Heike Harmgart, head of the EBRD office in Jordan.

According to Firas Matar, CEO of Engicon O&M – The interesting initiative with the EBRD will facilitate us to create an even larger characteristic to the nation’s water efficiency, the Wala and Lib pumping stations will have a huge impact of the investments made, especially relating to the energy efficiency. This project will turn up in to an exemplary in the infrastructure sector in Jordan for future investments.

Till date the EBRD has made an investment of about EUR 200 million throughout nine projects in Jordan.

ESCOs are 100 per cent owned by Engicon O&M, a Jordanian operations and maintenance company, are to be incorporated in Jordan, will be highly benefited from the EBRD loan.