The International Finance Corporation (IFC) will invest USD 50 mn in Jordan Kuwait Bank’s planned five-year green bond issuance, according to a statement. The proceeds of the issuance will be directed towards the development of energy-efficient buildings, renewable energy plants, and electric vehicle projects in the country, the statement notes. The date of the green bond’s issuance was not disclosed, nor was the total sum the bank is looking to raise from the debt instrument.

Where’s the money coming from? The IFC will provide USD 36 mn of its investment in the green facility from its own account, along with a blended co-investment of up to USD 10 mn from the Canada-IFC Blended Climate Finance Program and USD 4 mn from the IFC-implemented, Dutch-funded MENA Private Sector Development Facility.

Jordan’s clean energy transition will require a lot more capital: The country needs to rake in c. USD 9.5 bn in investments between now and 2030 to move towards low-carbon development, according to the World Bank’s Country Climate and Development report. The country will have to source 60% of the funds from private sector financiers.

The IFC has been upping its investment in MENA renewables: The IFC plans to allocate 35% of its investments to green sectors — including MENA renewables — its MENA head of regional operations Sufyan Al Issa said in December. This followed news that the IFC is co-financing renewables projects of roughly 1 GW launched by UAE firm Al Nowais’ subsidiary Amea Power in Egypt. The IFC, Dutch development bank FMO and Japan International Cooperation Agency will collectively provide USD 500 mn for a 560 MW solar plant, while the IFC, three commercial banks and the Japanese Bank for International Cooperation will provide USD 500 mn for a 505 MW wind farm.