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The World Bank’s International Finance Corporation (IFC) unit is overseeing the funding of two power plant projects in Jordan – a 485MW gas-fired plant to be built at Zarqa, 35km north of Amman, and a 200MW solar photovoltaic (PV) plant to be built 10km south of the capital at Al-Muwaqqar.
Saudi private developer Acwa Power is building the Hussein gas-fired plant within the Zarqa Industrial Zone at an expected total cost of $485mn. IFC is lending $75mn for the project and mobilizing a further $200mn “alongside a consortium of lenders.” The World Bank’s Multilateral Investment Guarantee Agency (Miga) is also guaranteeing up to $215mn of commercial debt. (CONTINUED - 381 WORDS)