The loan for Al Jazeera, a poultry producer in Jordan, will provide working capital and support expansion plans, including construction of a grain mill and investments in energy efficiency.
The investment comes from the European Bank for Reconstruction and Development (EBRD).
Energy efficiency investments will reduce Al Jazeera’s fuel consumption for farmhouse heating by at least 20% with the support of a US$ 180,000 grant under the EBRD’s FINTECC (Finance and Technology Transfer Centre for Climate Change) programme.
The company will introduce high-efficiency heating systems with integrated heat recovery machines which will reduce use of diesel and provide more efficient heating while reducing operational costs.
Philip Bennett, EBRD vice president, said: “We are very pleased to sign our first agribusiness project in the country; to support a strong, local company helping to set quality standards and improve food security in Jordan.”
Jordan became a member of the bank in 2012 and the EBRD has committed US$ 422m across 22 projects in various sectors of the economy.