A meeting was held at the Association’s headquarters on Tuesday, July 9, 2024, to launch the projects and activities of the second phase of the joint cooperation between the Association and the Green Action in Enterprises (GAIN) project, which is considered one of the most prominent projects in the Kingdom in terms of promoting green transformation in the industrial sector. The project also contributes to enabling green and circular economy tools in the Kingdom. Its aim is to conserve natural resources and exploit economic growth opportunities through environmentally friendly investments and the creation of green jobs.

The meeting aimed to review the projects and activities of the second phase, including a discussion on how the banking sector can benefit from them, as well as providing suggestions to develop and enhance the activities and projects. The meeting was attended by the project’s technical teams, with the participation of the Frankfurt School of Finance & Management, which is the implementing partner and technical advisor to the Green Finance Committee of the Association.

Dr. Maher Mahrouq, the Director General of the Association of Banks in Jordan, opened the meeting by highlighting the banking sector’s role in unlocking green potentials for economic sectors through its intermediary role and providing financing through a variety of financial instruments. Al-Mahrouq also reviewed the latest developments related to greening the banking sector, pointing to the second edition of the annual Green Finance Forum “GREEFIN 2024,” which aimed to highlight green finance issues and mechanisms, in addition to its role in enhancing dialogue frameworks between various governmental and private entities to support and develop green finance initiatives in the Kingdom.

Al-Mahrouq pointed out that the second phase of the project is of great importance due to the activities intended to be implemented being linked to the green finance strategy issued by the Central Bank of Jordan at the end of last year, which serves as a roadmap for guiding the financial sector towards sustainability. He also noted the ongoing cooperation between the Association and the Central Bank in this regard. Al-Mahrouq emphasized the importance of capacity building and developing capabilities in the financial sector to complete the transition towards sustainability, especially as the proposed training activities in the second phase target a set of topics that the banking sector is keen to develop, including climate risk assessment and climate-related financing, as well as preparing disclosure reports on environmental, social, and governance standards.

Mr. Simon Floeth, the Head of Project at GAIN project, indicated that the second phase of the project builds on the achievements of the first phase, which aimed to promote and increase awareness and knowledge of green finance among banks operating in the Kingdom. Floeth also affirmed the ongoing partnership with the Association and the support provided to enhance its role in green finance, reflecting positively on the Jordanian banking sector.

Mr. Mert Dedebas, the regional director of the Frankfurt School of Finance & Management in the Middle East and North Africa, spoke about the technical aspects of the second phase and its connection to the interests of the banking sector, noting the availability of a base of local and international experts to implement the planned projects and activities. He explained that the experts have full knowledge and understanding of the Jordanian market and the potential needs and gaps.

At the end of the meeting, Al-Mahrouq expressed his gratitude to the GAIN project for its ongoing cooperation with the Association, appreciating the launch of the second phase of cooperation. He also thanked the Frankfurt School of Finance & Management for their efforts in developing the project’s executive tools and praised the efficiency of the technical teams and experts working on the project.