Jordan Blocks Desertec

Jordan has declined a proposal by the Clean Technology Fund (CTF) to finance a major solar industry project that would set up concentrated solar power (CSP) in Jordan, Algeria, Egypt, Morocco, and Tunisia, according to a senior official.

The World Bank reported that the CTF had proposed to finance $750 million and to mobilize an additional $4.85 billion from other sources in order to accelerate the deployment of the large-scale program dubbed Desertec.

The official told The Jordan Times that the World Bank discussed this financing, which will be in the form of loans, with the government, adding that the government currently has no intention to apply for loans in light of the widening budget deficit and increasing public debt. However, a World Bank official said that the financing is a combination of grants and concessional loans which are provided to poor countries at lowered interest rates and longer repayment periods.