The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) have launched the Green Economy Financing Facility (GEFF) in Jordan to support the country’s transition to a greener economy.

Under the programme, a total of $40 million in financing will be provided to local financial institutions, such as banks, microfinance institutions and leasing companies, to on-lend to the private sector for investment in high-performance technologies and services, EBRD said in a press statement.

Jordan is the latest country to join the GEFF programme in the southern and eastern Mediterranean (SEMED) region. 

The programme addresses significant climate mitigation and adaptation challenges by encouraging micro-, small and medium-sized enterprises (MSMEs) and households to invest in green and innovative technologies.

Since it started investing in Jordan in 2012, the EBRD has provided more than €1.9 billion ($1.99 billion) in financing through 67 projects.

(Writing by P Deol; Editing by Anoop Menon)