Kharabsheh stresses the importance of cooperation with the banking sector as a local partner that enhances investment opportunities.

Kharabsheh: energy sector is implementing projects exceeding billions of dollars.

Kharabsheh: efforts are being made to make Jordan a regional exporting center of green energy in the region.

Kharabsheh: intensity of electricity consumption in Jordan is 30% higher than the global average.

Kharabsheh: A study to transform electrical network into a smart grid.

Kharabsheh: Working to launch a mining investment map in Jordan.

Al-Salem: banking sector in Jordan plays a fundamental role in financing the Jordanian economy.

Al-Salem calls for benefiting from the great banking expertise to provide advice, financing studies and financial and economic feasibility.

Al-Salem: banking sector is working on setting green financing policies and strategies different from regular funding.

Amman

Minister of Energy, Dr. Saleh Al-Kharabsheh reviewed on Tuesday the available investment opportunities in the energy sector during the meeting organized by the Association of Banks with the participation of a number of banks Heads and CEOs.

The Minister discussed with the banking sector topics of common interest, namely, the energy sector future prospects the available financing opportunities in a way that helps banks understand the sector’s needs and develop effective roadmaps and strategies to provide more appropriate financing solutions and products.

He stressed the importance of cooperation with the banking sector as a local partner to enhance investment opportunities which constitutes an added value to the national economy and serves the interests of all parties.

He affirmed that the sector is implementing projects that exceed billions of dollars pointing out to the sector’s investment advantages and opportunities in the field of oil derivatives and the introduction of new companies or strengthening the infrastructure in such a sector.

The Minister noted to the available investment opportunities in the sector stressing the importance of cooperation with the banking sector in many areas especially feasibility studies or unexplored opportunities besides establishing specialized research centers.

He pointed out to Jordan’s reservoir of copper, phosphate, lithium and many other minerals highlighting the significance of finding appropriate mechanisms to enhance investment opportunities in these minerals.

With regard to electricity, he announced the ministry’s intention to implement a 600 million Dinars project to generate hydroelectric power through dams in the Kingdom in addition to renewable energy opportunities.

Al- Kharabsheh said that Jordan is one of the leading countries worldwide in the area of energy exploitation due to the number of solar brightness days pointing to efforts to make Jordan a regional center for exporting green energy.

He pointed to the available opportunities to enhance national economy growth through linking with Syria, Lebanon, Palestine and Iraq in addition to doubling the electrical link with Egypt.

He revealed that the ministry is discussing partnership with the European Development Bank to support some electrical connection projects.

He also said that the intensity of electricity consumption in Jordan is 30% higher than the world average.

The Minister stated that the Ministry is in the process of licensing energy service companies to improve energy efficiency announcing the preparation of a model in cooperation with the World Bank to determine priorities in the efficiency areas.

He highlighted the important opportunity the sector has to in export energy generated through renewable energy to Egypt and Saudi Arabia.

He also stressed that the ministry is taking many measures to restore the National Electric Power Company financial position to a state of balance especially after its loss.

Moreover, the minister revealed a study to transform the electrical network into a smart one besides the possibility of storage at the electricity distribution companies.

In his response to a clear investment map in the sector, the minister announced the ministry’s intention to launch a mining investment map in the Kingdom.

Al-Salem, Chairman of the Board of Directors of the Association of Banks, stressed that the banking sector in Jordan plays a fundamental and important role in financing the Jordanian economy and various economic sectors.

Al-Salem pointed out that the banking sector clearly contributes to financing infrastructure and public-private sectors partnership projects either through direct bank loans or large projects syndicated loans.

He added that the banking sector can contribute to infrastructure ownership projects through funds, to which the banks contribute, and invest in such projects in accordance with public-private sectors partnership contracts.

He further stressed that in addition to financing, banks in Jordan possess great banking experience qualifying them to provide advice and prepare financial and economic feasibility studies for partnership projects and investment opportunities within a well-established scientific vision and methodology, which results in project’s success and achieving their goals.

He stressed the significance of the energy sector which is considered a strategic one of national priority as energy in its various forms is a key production element for many sectors and directly affects their competitiveness and export capabilities.

He noted to the many investment opportunities in renewable energy projects and alternative energy sources that contribute to cost reduction and open up prospects for a transition to a green economy in the future.

Al-Salem called for partnership to improve available energy sources exploitation, develop infrastructure and launch initiatives and projects that cover the increasing energy demand and achieve Jordan’s energy self-sufficiency in the future.

He noted that the banking sector is preparing green financing policies and strategies that will be different from regular financing targeting all categories and covering new projects in this vital sector which seeks to improve green financing programs specialized competencies and grants policies in a way that enhance the economic sectors growth.