The Association of Banks and the Green Action in Enterprises (GAIN) project have signed the agreement for the second phase of their collaborative efforts. On Wednesday, December 20, 2023, the Association of Banks in Jordan signed the second-phase agreement of the collaborative partnership with the Green Activities in Industrial Facilities project in Jordan, implemented by the German International Cooperation (GIZ) with the support of the German Federal Ministry for Economic Cooperation and Development (BMZ).

During the agreement signing ceremony, Dr.Maher Al-Mahrouq, the Director General of the Association of Banks in Jordan, highlighted that the second-phase agreement builds upon the achievements of the first phase. The first phase aimed at promoting the concept of green financing and increasing awareness and knowledge among banks operating in the Kingdom. The second phase focuses on capacity building and enhancing banking capabilities to implement green financing programs. This aligns with the recently launched Central Bank’s Green Finance Strategy for the years 2023-2028, where the second phase of the project will contribute to aligning banking capacity building with the elements of the strategy.

The areas of cooperation between the parties include facilitating access to green financing for industrial companies by contributing to the development of suitable financing frameworks. Additionally, the collaboration aims to integrate green opportunities in Jordanian factories with the banking sector. The parties will also work collaboratively with other providers of green technologies to support their knowledge and expertise in green financing requirements.

Ms. Elisaveta Kostova, the Project Manager of GAIN, expressed her happiness as a representative of the “Green Activities in Industrial Facilities GAIN” project, implemented by the German International Cooperation (GIZ), to continue the collaboration with the Association. She pledged support to the Association to enhance its role in green financing in the banking sector in Jordan.

Dr. Al-Mahrouq expressed gratitude to Ms. Kostova, the project manager, and its staff for their activity and enthusiasm to continue collaborating with the Association. He emphasized that the project is one of the tools that has contributed and will continue to contribute to raising awareness about green financing in the Kingdom, indicating the success of the project and the achievement of its goals in the first phase.

The agreement was signed by Dr.Maher Al-Mahrouq, the Director General of the Association, on behalf of the first party, and Ms. Elisaveta Kostova, the Project Manager of GAIN, on behalf of the second party.

It is worth noting that the project, in partnership with relevant authorities, aims to enhance green activities in industrial facilities and promote the Kingdom’s shift towards a green economy, especially for some subsectors that are prone to environmental issues. This contributes to preserving natural resources and leveraging economic growth opportunities through environmentally friendly investments and creating green job opportunities.