GGGI Jordan Highlights DAE Candidate Support of Climate Action in the Kingdom

On October 20, 2022 the Cities & Villages Development Bank of Jordan, in partnership with the Ministry of Environment and the Global Green Growth Institute hosted its 1st Climate Action Showcase in Amman.  CVDB  is Jordan’s first nominated Direct Access Entity (DAE) seeking accreditation to the Green Climate Fund.  They have been receiving support from the GGGI since 2019, through two consecutive readiness projects.

The CVDB provides long-term financing to establish both services and productivity projects through the municipalities.  CVDB assists the local councils in appointing priorities for productive projects in light of their economic feasibility. As Jordan seeks to achieve its ambitious updated NDC targets, improve its resiliency, and establish green growth as an economic driver, CVDB has been a key partner in financing climate actions.

The showcase allowed the bank an opportunity to highlight current and planned support of climate-responsive investments in Jordan such as the national LED Street Lighting project which is replacing all public lighting with energy-efficient LED technology; and the Municipal Energy Efficiency Programme supporting the refurbishment and energy efficiency upgrade of public buildings. The bank also communicated its vision to increase climate-responsive financing in the municipalities.

The showcase was patronized by H.E. Tawfiq Krishan, Deputy Prime Minister of the Hashemite Kingdom of Jordan, Minister of Local Administration & Chairman of the Board of Directors for CVDB, and H.E. Mr. Osama Al Azzam, Director General and Deputy Chairman of the Board of Directors.  H.E. the Deputy Prime Minister opened the event by expressing his confidence and appreciation for the great national role played by the CVDB, Jordan’s only national development bank, which is the executive financial arm of local administration.

He continued, he supports the objectives of the bank and its desire to obtain accreditation from the GCF, in cooperation with the Ministry of Environment to become the first GCF DAE in the Middle East, opening a financing window for projects that serve municipalities with implementing mitigation and adaptation measures.

Ms. Krystle Cooper, Senior Climate Finance Officer and the readiness project manager for Jordan exclaimed how much support was coming to the accreditation process from CVDB’s management and overall for increasing access to climate finance from the top levels of the Jordanian government.  She thanked them for their continued trust and cooperation in working with GGGI as CVDB enters Stage 2 of the process.

Ms. Hala Al-Hamawi, Accreditation and Compliance Specialist for the readiness project was the event’s master of ceremony.  Attendees included Country Representative from the European Investment Bank Ms. Souad Farsi, members of the CVDB Board, the Royal Court, Greater Amman Municipality, as well as the line ministries CVDB is fostering increased partnership with on climate action.