Tamweelcom Secures Green Financing for Climate-Resilience Projects

The European Bank for Reconstruction and Development, alongside the European Union and the Green Climate Fund, has announced a financing initiative for Jordan's microfinance institution, Tamweelcom, under the Green Economy Financing Program. This initiative, totaling $4 million, targets micro, small, and medium enterprises in the technology sector to address climate change impacts. The funding aims to raise awareness among borrowers about the importance of investing in green economy projects to combat and adapt to climate change effects. Moreover, it offers a "cash back" incentive for successful project implementation. Tamweelcom staff will undergo training on gender-sensitive green financing to address gender-specific barriers in both supply and demand. Mike Taylor, Director of Financial Institutions in the Southern and Eastern Mediterranean Region at the European Bank for Reconstruction and Development, emphasized the significance of this agreement in promoting green investments, particularly in small pr ojects, fostering sustainability, and gender inclusivity. Thibaut Moyer, Deputy Head of Cooperation at the European Union Delegation to Jordan, commended financial institutions like Tamweelcom for their contribution to climate action, highlighting the Union's commitment to supporting the private sector, economic development, and job creation. Bassem Khanfar, CEO of Tamweelcom, affirmed the institution's dedication to sustainable development goals by offering green financing solutions. This agreement enables micro and small enterprises to invest in energy-efficient equipment, renewable energy, and waste reduction methods, fostering environmental benefits and mitigating climate change impacts. Tamweelcom, a prominent microfinance institution in Jordan, serves approximately 100,000 clients through 39 branches. Established in 1999, Tamweelcom operates as a non-profit organization, aiming to empower entrepreneurs and improve living standards within international standards. Since 2012, the European Bank for Rec onstruction and Development has allocated over two billion euros to finance 71 projects in Jordan. Source: Jordan News Agency