Ammon News - AMMONNEWS - The Cities and Villages Development Bank and the European Investment Bank, the European Union's financial arm, have signed an agreement to finance the energy efficiency and renewable energy projects in municipalities worth €45 million.

It was signed by Cities and Villages Development Bank Director General Osama Al-Azzam and European Investment Bank representative in the Middle East, Flavia Palanza, in the presence of the European Union Ambassador to Jordan Maria Hadjitheodosiou.

"The Energy Efficiency Project aims primarily to reduce the financial burden on municipalities by reducing the electricity bill, as this agreement will provide financing for energy projects in the municipalities at low interest rates," Al-Azzam said.

Palanza said that "investing in the switch to renewable energy is one of the priorities of the Jordanian government, and hence the importance of the agreement that it accrues to the daily lives of the citizens," stressing the EU's commitment to supporting the process of sustainable development and adaptation to climate change in the Kingdom.

The EU Ambassador also stressed that the bloc attaches great importance to green energy and is working to help the Jordanian government to achieve its goals in the field of green energy by 2020 by providing more than 160 million euros in the framework of bilateral and regional support.