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Ammon News - Jordan Kuwait Bank (JKB) was awarded with the Global Green Bond of the year at the Global SME Finance Forum – India, Mumbai, which was led by the International Finance Corporation (IFC).

The Bank acquired this prestigious award by competing against various banks and financial institutions globally. The award was presented during the ceremony attended by more than 700 participants form 70 countries.

JKB’s commitment towards the economy was evident back in March 2023 through the issuance of a USD 50 million Green bond.

This comes as part of Jordan’s shift to a green economy, financing, paving the way for projects that reduce greenhouse gas emissions, promotes renewable energy, green infrastructure, and energy efficiency. Additionally, it focuses on managing water resources, encouraging recycling, fostering sustainable economies, and creating job opportunities.

Haethum Buttikhi – Chief Executive Officer at Jordan Kuwait Bank – expressed his hope towards this achievement to encourage more banks and financial institutions in Jordan to issue green bonds. This supports the national Green Growth Action Plan (2021-2025), which integrates climate and sustainable development goals into sectoral frameworks, advancing Jordan’s environmental and sustainable ambitions.

Regarding such an accomplishment, Fadi Khalil – Head of Corporate Business at JKB – stated: “This award recognizes our commitment to advancing a green economy. We are proud to be the first bank in Jordan to issue a green bond, supported by IFC, Kingdom of the Netherlands’ Private Sector Development MENA Program for EUR 4 million, and Canada’s-IFC Blended Climate Finance Program’s through their USD10 million investment. The Dutch and Canadian support was instrumental in making this endeavor possible, with proceeds dedicated to funding environmentally friendly projects, promoting clean energy, cutting carbon emissions, and bolstering sustainable development in the Kingdom.”

For his part, Khawaja Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan, and Afghanistan, said: “This well-deserved award is a testimony to the pioneering role Jordan Kuwait Bank plays in climate finance in Jordan, setting the standard for green bonds in the market. We are very excited to have joined forces in this journey and look forward to seeing more banks follow suit, paving the way for Jordan’s greener future.”

It is worth mentioning that the Global SME Finance Award highlights the successful practices of financiers and celebrates innovative products and services that have significantly expanded financing for SMEs and financial institutions.