GREEN FINANCE-

#1- Jordan + AFESD to fund new development projects including renewables: Jordan’s Cabinet has approved a partnership with the Arab Fund for Economic and Social Development to establish a framework for priority development projects — including a focus on solar and wind power, Jordan Times reported on Thursday. An initial USD 750 mn will be allocated to the development projects over the next year with the help of regional and international partners, including the World Bank and the European Investment Bank. The framework will run until 2029.

#2- The Central Bank of Iraq (CBI) has amended its renewable energy financing initiative to streamline disbursements and tighten reporting requirements, according to a statement (pdf) issued on Wednesday. Under the revised rules, each bank is now entitled to a single IQD 300 mn (c. USD 230k) advance at a time, with future advances contingent on submitting required reports within set deadlines.

Financing terms were also revised: Loan tenures can now reach seven years, including a six-month grace period. CBI’s interest rate is set at 0.5%, while banks may charge up to 2.5%. The central bank will replenish bank balances based on submitted financing requests, and banks must provide detailed beneficiary disclosures within six months of disbursing loans.

Applications are through two channels: The Tamwil platform or via companies accredited by the Electricity Ministry, which will supply and maintain the renewable systems. Loans cover residential and project-based renewable energy installations.

#3- Saudi to support renewables in Solomon Islands: The Saudi Fund for Development (SFD) has signed a USD 10 mn development loan agreement to help develop renewable energy infrastructure in the Solomon Islands, according to a press release issued on Tuesday. The project includes 35.5 MW of solar power plants, with energy storage systems. The agreement marks SFD’s first development loan to the Pacific region.

SFD is going global: SFD pledged pledged USD 150 mn to support mining in Balochistan in December, agreed to develop a framework with the Saudi Global Water Organization to finance water projects around the world in October, and signed a USD 83 mn development loan agreement with El Salvador to fund a water treatment and biogas power generation project in June.

SOLAR-

EWA opens bids for Belaj Al Jazaer: Bahrain’s Electricity and Water Authority (EWA) has received three consultancy bids for the 200 MW Belaj Al Jazaer IPP solar project from KPMG Fakhro, Ernst & Young Middle East, and Deloitte & Touche Middle East, according to the government tender board. KPMG Fakhro entered a bid of BHD 506k, Ernst & Young Middle East BHD 770.5k, and Deloitte & Touche Middle East BHD 589.5k. The chosen bidder will provide consultancy services for the study and implementation of the project — which is planned to be later offered for development via a build, own, and operate model.

ELECTRIC VEHICLES-

EV distributor Smart Mobility International partnered with Chinese EV manufacturer IM Motors to launch its products in the UAE, according to a press release on Wednesday. IM Motors plans to expand its operations in the GCC region, starting in the Emirates and expanding to Saudi Arabia before later in 2025. The company introduced the IM LS7 electric SUV in the UAE, with more Battery Electric and Range-Extended Electric Vehicle models set to follow later this year.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • UAE, UNCTAD to advance sustainable investment policy reform: The UAE Investment Ministry and UN Trade and Development (UNCTAD) signed a cooperation agreement to work on sustainable investment frameworks and economic growth strategies. (Press release)
  • SIG launches new recycling solution in Egypt: Switzerland-based sustainable packaging tech provider SIG has partnered with three Egyptian companies to set up an end-to-end recycling system for used aseptic beverage cartons. Plastic Bank will oversee collection, Carta Misr will separate the paper fibers from the aluminum and polymers to produce paper products, and TileGreen will use the separated PolyAI mixture to create durable interlock bricks. (Press release)
  • Aquila Group lands in the region: German investment firm Aquila Group will open a new office in Abu Dhabi — dubbed Aquila Capital Middle East — from which it will manage its regional projects, including data centers and renewable energy projects. The company has received preliminary permission from the Abu Dhabi Financial Center and is waiting on final approval. (Reuters)
  • Jameel Motors + GAC enter Polish market: KSA’s Jameel Motors has signed an agreement with China’s GAC to distribute the latter’s new energy vehicles in Poland. Jameel Motors will initially distribute the smart new energy Aion and Hyptec passenger car models, with purchases beginning in 3Q 2025. (Press release)
  • Jordan extends agreement with Fortescue: The Jordanian government has extended its framework agreement with Australia’s Fortescue Future Industries (FFI) for its green hydrogen and green ammonia projects until 31 March 2026. The projects are planned to be based in the Aqaba Special Economic Zone. (Petra)
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