AMMAN — The European Bank for Reconstruction and Development (EBRD) has launched a new programme titled “Green Star Venture” aimed to enhance the competitiveness and sustainable growth of Jordanian small- and medium-sized enterprises (SMEs) and start-ups, contributing to the green transformation in the country and the wider southern and eastern Mediterranean region.

Jordan is the first economy in the EBRD regions to pilot the programme. Four enterprises were selected from Jordan’s start-up scene to join Green Star Venture, following a rigorous selection process. The companies come from a broad range of sectors, including robotics, hydroponic farming technology, artificial intelligence and sustainable cosmetics, said a EBRD statement

Green Star Venture, an extension of the EBRD’s existing Star Venture programme, mobilises international experts, mentors and local advisers to work with selected start-ups to improve their performance and long-term sustainability. The young companies will also benefit from access to technical assistance, mentoring and advice on financing mechanisms to help them enter international markets and grow, contributing to the global climate change mitigation and adaptation efforts, the statement said.

The Green Star Venture programme in Jordan is supported by the Netherlands via the High-Impact Partnership on Climate Action (HIPCA).

Philip ter Woort, EBRD director for the Eastern Mediterranean region, said: “We are proud to launch the Green Star Venture programme in Jordan today and we look forward to supporting our first four start-ups in the cohort. SMEs and start-ups can be a catalyst for a greener economy by offering innovative green products and services. They are key to supporting the decarbonisation and climate adaption goals of the international community, and we are proud to be able to support their growth in Jordan through this programme.”

The EBRD is a leading investor in Jordan. To date the bank has invested 1.6 billion euros in 64 projects, supporting private sector development, promoting sustainable energy and infrastructure, and enhancing the delivery of public services. Supported by the European Union, the bank’s Advice for Small Businesses programme has helped transform more than 450 SMEs in Jordan, according to the statement.

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