AMMAN— The World Bank (WB) has officially approved the restructuring of the Inclusive, Transparent, and Climate-Responsive Investment Program in Jordan, noting that Jordan is progressing towards achieving steps to issue its first sovereign green bond in 2024, Khaberni reported.
اضافة اعلان
According to the WB, the program aims to improve accountability to enhance climate-responsive investments and growth.
The program continues to perform well, with three key indicators supporting the development goal progressing satisfactorily.
The program seeks to continue enhancing the quality of public investments, prioritizing climate-responsive public investments, including through public-private partnerships.
It also plans to implement a stronger set of intervention measures, expand financing options, issue a sovereign green bond in the future, and implement a national green rating.
Furthermore, The program activities aim to support reforms and investments in creating employment opportunities, aligning with Jordan's goals for a low-carbon path, consistent with the current climate change contributions, which target 31 percent renewable energy in the electricity supply mix.
Supporting the implementation of Jordan's ten-year economic reform vision, the program intends to diversify economic activities and enhance environmental sustainability, positioning the Kingdom as a regional hub for entrepreneurship, green innovation, and investment attraction.
The program, effective on August 24, 2021, received initial financing of $500 million from the World Bank, with $231.3 million disbursed, representing 54% of the total payments.
The World Bank approved additional financing of $400 million for the current year, with $101 million disbursed, representing 25 percent of the total additional financing.
The Asian Infrastructure Investment Bank (AIIB) has also participated in financing the program by providing two loans, the first valued at $250 million and the second at $200 million.
The World Bank noted that since 2021, the Jordanian government has strengthened its climate-related agenda, including increased commitments to national contributions to climate change, substantial emission reduction goals, and prioritizing public and private green investments.
As of January 2023, green bonds have mobilized $2.5 trillion worldwide to support green and sustainable projects. Emerging market governments have raised $74 billion, representing two percent of the total green, social, and sustainability bonds issued globally.
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