About SUNREF

The French Development Agency (AFD) is committed to financing green sector projects. That is why it has developed the Sustainable Use of Natural Resources and Energy Finance initiative – SUNREF. To date, the organization has committed more than EUR 2 billion internationally, alongside EUR 65 million in EU subsidies as part of SUNREF.  This includes USD 53 million which has been extended to two Jordanian banks for onward lending at highly attractive rates and terms to Jordanian firms and households wanting to make green investments.

 

 

Why does Jordan need SUNREF?

Jordan needs to be more sustainable. In recent years, energy prices have raised significantly, reflecting price hikes in the region. Water scarcity is also a growing concern.

If the country’s economy is to develop sustainably, Jordan needs to reduce its dependence on imported oil and gas, to use scarce water resources efficiently, and to control a growing risk of pollution, especially to its water.

SUNREF represents a tremendous opportunity to help Jordan’s economy improve its competitiveness because efficient equipment can actually help save both resources and money. However such equipment requires a significant initial investment which has to be spread over time: this is why AFD teamed with two local banks – Capital Bank and Cairo Amman Bank - to offer loans of long maturity at low cost. 

SUNREF-Jordan is also supported by the EU with EUR 1.5 million in subsidies for the borrowers, and to the French Government - FFEM - for funding a team of experts to provide free of change help to the banks and their clients to prepare good investments that will save energy and water costs and pay back quickly.