(Amman –March 2017) – Bank of Jordan signed a strategic cooperation agreement with the Jordan Renewable Energy and Energy Efficiency Fund (JREEEF), as part of efforts aimed at developing financing solutions for renewable energy projects in Jordan. Such financing schemes are also designed to encourage wider use of clean and cost saving energy systems.
Under the financing arrangement, BoJ will grant soft loans for the implementation of renewable energy and energy efficiency systems. Beneficiaries include households, with loans of up to JD2,250 to finance the installation of photovoltaic systems, and up to JD500 for the installation of solar water heaters. Loans for SMEs and government agencies can reach up to JD350,000 to finance renewable energy and energy efficiency products. Interest on these loans will be repaid by the JREEEF.
It is worth mentioning that the Bank has begun implementing solar photovoltaic projects in the northern, central, and southern parts of the Kingdom to generate cheaper and cleaner energy.
Representing the Bank, Acting General Manager Mr. Saleh Rajab Hammad noted that the arrangement is in line with the Bank's Mission of offering innovative financing options that respond to changing needs in the market, adding that "environmental protection remains a top priority".
"We are proud of our partnership with commercial banks that has full support from the Central Bank of Jordan and Jordan Loan Guarantee Corporation", said JREEEF CEO Mr. Rasmi Hamzeh who signed the agreement on behalf of the Fund.