Jordanian poultry processor Al Jazeera Agricultural Co., has received an EUR19m (US$21m) loan to fund its expansion plans.
The loan from the European Bank for Reconstruction and Development will provide working capital and plans include the construction of a new grain mill and energy efficiency investments to reduce Al Jazeera’s fuel consumption for farmhouse heating by at least 20%.
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The company will be introducing high-efficiency heating systems fitted with integrated heat recovery systems which will reduce the use of diesel and provide more efficient heating and ventilation while reducing operational costs.
EBRD vice president Philip Bennett 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. In addition, through this investment the bank will contribute to increasing employment opportunities and economic growth in rural areas."
