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Jordan signs two agreements with EIB to support National Water Carrier Project, boost economy

Minister of Planning and International Cooperation Zeina Touqan and European Investment Bank (EIB) Vice-President Gelsomina Vigliotti signed two agreements on Monday, including a 100 million euros additional loan and a 50 million euros investment grant to support the National Water Carrier Project (Aqaba-Amman Water Desalination and Transport Project). 

The agreement was signed on the sidelines of COP28 climate conference in Dubai, during which Touqan highlighted the project's key role in enhancing water security and boosting overall economic development according to the Jordan News Agency, Petra. 

She also conveyed gratitude towards EIB's support for the national project, as the loan signing follows a previous loan of 200 million euros signed on December 8, 2022, bringing the bank's total commitment to 300 million euros.

Acknowledging the European Union's role in securing the investment grant, Touqan emphasised that both funding streams — the loan and the grant — will be channeled through the EIB. 

This financial package aligns with the wider European support announced during the recent visit of His Majesty King Abdullah to Brussels, including a loan of 100 million euros allocated for the National Carrier project and two investment grants of 97 million euros.

Touqan, in a COP28 side event, has met with the vice-president of the European Investment Bank in Dubai, with discussions centering on the Bank's priority areas of support in Jordan, which are intertwined with the Kingdom's Economic Modernisation Vision. 

Touqan took the opportunity to highlight the importance of the partnership with the EIB and expressed her gratitude for the financial support received in vital sectors such as education, water, sanitation, transport, energy, private sector development and infrastructure.

Vigliotti emphasised the bank's commitment to support Jordan in addressing its challenges by providing expertise and financing in priority areas.

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