Ammon News - The World Bank is considering a government request for additional financing of up to $200 million for Jordan's Electricity Sector Efficiency Enhancement Program, complementing previous financing of $250 million.

The proposed additional financing aims to enhance the World Bank's support for the first phase of the government's program by achieving more ambitious goals, including new measures to reduce costs and increase revenues, and adding activities to improve the reliability and sustainability of electricity supplies, as well as enhance energy efficiency, according to the bank's data.

The objectives of the additional funding are to minimize National Electric Power Company's (NEPCO) operational losses by implementing cost-cutting measures and increasing revenues, maintaining the proportion of renewable energy in the electricity mix, reducing the number of outages per subscriber, improving NEPCO's operational technology and cybersecurity, and strengthening its corporate governance.

The bank, according to Al-Mamlaka, noted that the Economic Modernization Vision launched by the Jordanian government in June 2022 emphasizes the importance of providing reliable and affordable electricity supplies as a key priority for enhancing the competitiveness of the national economy.

The vision is based on two strategic axes: stimulating growth by unleashing the Kingdom's full economic potential, and improving the quality of life for citizens, it also includes eight drivers of economic growth, including sustainable resources, which aims to optimize the use of natural resources to ensure sustainability and promote comprehensive sectoral growth.