KfW Development Bank, one of the world’s leading promotional banks, has provided Jordan with a €115 million ($112 million) loan, which the country will use to rehabilitate the King Abdullah Canal, Arab News reported.
Jordanian Water and Irrigation Minister Mohammad Al-Najjar and KfW Amman Office Director Mark Schwiete signed the agreement on Monday.
The secured loan will be used in a project that will provide water to several regions as well as irrigation water to the Jordan Valley.
It will also fund three sections of a climate protection project in the canal’s northern 65 km stretch and pump some 10 million cubic meters of water annually to 300,000 people while reducing water loss and energy costs.
On Monday, Al-Najjar said that Jordan’s Water and Irrigation Ministry is looking for additional funding for new projects that enhance water service efficiency “in light of exceptional circumstances and mounting challenges.”
On December 19, the European Investment Bank (EIB) also announced it would provide a EUR 200 million loan for the Government of Jordan’s contribution to the Aqaba Amman Water Desalination and Conveyance Project (AAWDCP), the first confirmed financing for the country’s largest ever water investment project.
