AMMAN — The Energy Minister is planning to implement a JD600 million project to generate hydroelectric power from dams in the Kingdom, Energy Minister Saleh Kharabsheh said on Tuesday.

He stressed that Jordan is one of the best countries in the world in availing solar energy due to the number of sunny days, pointing to the efforts to make Jordan a regional hub for exporting green energy.

Kharabsheh on Tuesday reviewed investment opportunities in the energy sector with members of the banking sector during a meeting organised by the Association of Banks in Jordan (ABJ).

The minister discussed expectations and future prospects for the energy sector, along with financing opportunities to help banks provide more appropriate financing solutions and products, Jordan News Agency, Petra, reported.

He stressed the importance of cooperation with the banking sector as a local partner that enhances investment opportunities and adds value to the national economy, noting that the energy sector in Jordan implements projects with a volume exceeding billions of dollars.

Kharabsheh said the sector has many investment opportunities, including investing in the oil derivatives sector, introducing new companies and strengthening the sector’s infrastructure.

He pointed out that Jordan has large quantities of copper, phosphate, and lithium, among others, stressing importance of finding equitable mechanisms to boost investment opportunities in these minerals.

He also referred to available opportunities to enhance national economic growth through implementing electricity interconnections with Syria, Lebanon, Palestine and Iraq, and boosting interconnection with Egypt.

Kharabsheh said the ministry is discussing a partnership with the European Bank for Reconstruction and Development to support joint electrical projects, noting that the intensity of electricity consumption in Jordan is 30 per cent higher than the global average.

He said the ministry is licensing energy service companies to improve energy efficiency, announcing the preparation of a model in cooperation with the World Bank to determine energy efficiency priorities.

He also said that the energy sector has an opportunity to export renewable energy to Egypt and Saudi Arabia. Regarding the National Electric Power Company's losses, he stressed that the ministry is taking measures to try to restore balance to the company's financial position.

Chairman of the Board of Directors of the Association of Banks Bassem Salem called for a partnership to improve the available energy sources, develop infrastructure and launch initiatives that cover the increasing demand for energy and help Jordan become self-sufficient in energy in the future.

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