AMMAN - The European Bank for Reconstruction and Development will invest 2.8 billion euros ($3.3 billion) in infrastructure projects in Jordan, according to a letter of intent signed Thursday in Amman.
The three-to-five year investment program will seek to develop infrastructure in multiple sectors across the kingdom including energy, transportation, water, solid waste and municipal services, the two parties said.
The deal was signed by EBRD President Suma Chakrabarti and Jordan's Minister of Planning Imad Fakhouri.
Since 2012, the EBRD has pumped more than a billion euros into Jordan's economy, which has been hit hard by conflicts in neighbouring Syria and Iraq.
On Wednesday the multinational lender opened its 27th annual meeting along the Dead Sea in Jordan to discuss global investment opportunities and issues related to energy and the environment.
At the opening of the meeting, Chakrabarti said the EBRD had invested nearly 10 billion euros in projects around the world in 2017.
"We invested 9.7 billion euros in 12 projects in 2017, covering all the regions where the bank operates, he said.
He also said the EBRD was becoming increasingly involved in Arab countries.