IFC is investing up to $50 million Jordan’s first green bond, which will help fund green projects in the country, address growing climate challenges and support sustainable economic growth.
The five-year bond was issued by leading private sector bank Jordan Kuwait Bank (JKB). The financing comprises up to $36 million from IFC's own account, and a blended finance co-investment of up to $10 million from the Canada-IFC Blended Climate Finance Program and $4 million from the Dutch-funded MENA Private Sector Development Facility, both implemented by IFC.
Jordan, one of the world's most water-stressed countries, is facing severe climate-change risks, aggravated by inconsistent rainfall, high temperatures and a population increase. Despite this, green and climate finance are still nascent in the country and there is no green bond market. The proceeds of the bond will be earmarked for green projects and assets, including renewable-energy projects, low-carbon vehicles, green