EBRD president says Jordan's economy showed resilience to global shocks

[29-03-2023 01:00 PM]

Ammon News - President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso has said that the Jordanian economy showed resilience to global shocks, including the Covid-19 pandemic, inflation and the war in Ukraine.

In an interview with the Jordan News Agency (Petra) on Tuesday, the EBRD president said the Kingdom managed to contain the fallout from the war in Ukraine on its food supplies, thanks to its strategic stockpiles.

Renaud-Basso indicated that the outlook for the national economy is positive but there are still challenges that must be dealt with, namely high unemployment which now stands at 22 percent.

She stressed that attracting more foreign investment is essential to achieving the desired growth rates, pointing out that Jordan has strong assets, as evidenced by its skilled human capital and strong administrative capabilities.

The EBRD president highlighted the bank's operations in Jordan and said the bank provides finance and technical assistance to spur private sector investments and growth.

Renaud-Basso underlined that the bank's main focus areas align with the main themes of Jordan's Economic Modernization Vision, including the water-food-energy nexus as well as public-private partnerships.

She also spoke about the EBRD's support and finance of green and sustainable projects, citing the bank's Green Star Venture which is aimed at supporting innovative early-stage ventures with green technology and solutions in the EBRD's countries of operation.

The president of the EBRD emphasized that the primary element that will govern competition and competitiveness will be whether or not a project or product is environmentally friendly.

Since the start of its operations in Jordan in 2012, the EBRD has invested more than €1.9 billion in the country through 71 projects. Under the EBRD’s Municipal Resilience Refugee Response Framework, a total of €180 million of EBRD financing and €130 million in grants has been mobilized to date.

The Bank’s priority in Jordan is to support sustainable energy, finance private enterprises and promote infrastructure reform.

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