June 25, 2024

Housing Finance Development

It's Your Housing Finance Development

Housing Bank Signs a $15 million Loan Agreement with EBRD, EU,…

PRESS RELEASE — In alignment with global trends and the Central Bank of Jordan
directives regarding environmental, social, and governance (ESG) risk
management, Housing Bank has recently signed a $15 million loan agreement with
EBRD, the EU, and the GCF. This agreement aims to assist the bank in developing
a comprehensive strategy for ESG risk management that adheres to international
best practices. Additionally, it will enable the bank to evaluate the viability
of various green financing projects available to its clients, positioning
Housing Bank as a leading institution in the Jordanian banking sector in this
field.اضافة اعلان

The agreement was signed by Ammar Al Safadi, the CEO of Housing Bank,
Gretchen Biery, the Director of the Eastern Mediterranean region of EBRD, and
in the presence of Pierre-Christophe Chatzisavas, the Ambassador of the
European Union to Jordan.

The agreement will empower Housing Bank to offer green financing to
Jordan’s SMEs. This will support the MSMES to investment in projects focused on
environmental sustainability, aiming to mitigate the impact of climate change.
Additionally, the agreement will enable the bank to develop new products that
align with its strategic objectives towards a sustainable future.

The agreement with the European Bank for Reconstruction and Development (EBRD) aims to develop a comprehensive strategy that addresses climate change, environmental and social aspects, as well as governance. This strategy will contribute to the sustainability goals of all the bank’s operations and activities, aligning with the Central Bank of Jordan’s recently issued strategy on green financing.

In response to this agreement, Ammar Al-Safadi, CEO of the Housing Bank,
commented: “In line with the Housing Bank’s positive role towards stimulating
economic growth, the Bank continues to expand its network of internal and
external partnerships and is pleased to announce its partnership with the EBRD
to support Green investment in Jordan. We are the first Bank in Jordan to sign
off with the EBRD to launch a comprehensive and integrated strategy aimed at
developing the Bank’s governance, environmental and social responsibility
policies, in a manner that contributes to encouraging SMEs to invest in
projects that support the environment, and in line with our strategic
objectives to adopt the best international practices and standards in this

On her side, Biery commented, “The European Bank for Reconstruction
and Development is pleased to sign this financing agreement with Housing Bank.
This partnership aims to give customers access to environmentally friendly
technologies and services. We are proud of our ongoing collaboration with the
European Union and the Green Climate Fund through the Green Finance Program.
This initiative is expected to reduce approximately 11,000 tons of annual
carbon dioxide emissions in Jordan over the next fifteen years. We are
committed to achieving an even greater impact through our program. We aim to
build an economy in Jordan that relies more on environmentally friendly
projects and promotes sustainability concepts in collaboration with the private
sector in Jordan.

The agreement includes providing a loan of 15 million US dollars to Housing Bank in cooperation with the European Union (EU) and the Green Climate Fund (GCF) to be utilized to finance Green Projects.

According to comments from Chatzisavas, The European Union Ambassador in
Jordan, “the European Union is pleased with the positive direction taken by
commercial banks, like Housing Bank, in their support for development
partnerships, addressing climate change, and embracing advanced technologies
and digital transformation. The private commercial sector, particularly SMEs,
plays a crucial role in the collective efforts to achieve the objectives of the
Paris Agreement.”

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