EU bank invests USD 600 million in Jordan

The European Bank for development and reconstruction will start two major projects in Jordan worth USD 600 million to boost trade and build electric power station in Amman, top bank official said Wednesday. The project come after the kingdom joined the bank alongside Tunisia, Egypt and Morocco as part of an EU policy to boost cooperation with the southern shores of the Mediterranean. According to Feril Freiman, first deputy chairman of the bank, Jordan is the first country from the region to benefit from the bank due to its infrastructure and chances of growth. "We see an economic opportunity in Jordan and we will continue in investing despite the difficult conditions," Freiman was quoted by the official news agency, Petra. The first project will be worth USD 300 million to increase trade cooperation and will be implemented in association with local Jordanian bank, Capital bank. The bank is also looking into other project to help Jordan including revamping the water network in Amman and other cities to reduce amount of lost water in pumping.