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World Bank Agrees to Give $70 Million to Jordan Solar Project

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July 15 (Bloomberg) -- The World Bank agreed to give $70 million to Jordan to help finance a $600 million project to create a solar power plant with a total generation capacity of 100 megawatts, Petra reported.

Jordan is seeking other resources to finance the rest of the project, the official news agency reported, citing Minister of Energy and Mineral Resources Alaa Batayneh.

Jordan, with one of the smallest economies in the Middle East, imports almost all of its oil and relies on foreign investment and grants to support its budget and current-account deficits. The government has incurred losses by switching power plants to more expensive fuels such as diesel after a natural-gas pipeline from Egypt’s Sinai region has been repeatedly attacked by saboteurs since last year.

To contact the reporter on this story: Mohammad Tayseer at mtayseer@bloomberg.net

To contact the editor responsible for this story: Digby Lidstone at dlidstone@bloomberg.net

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