IFC and Cyprus Partners in Private Sector Development IFC maintains an active relationship with Cyprus, mainly supporting Cypriot companies investing in emerging markets. Cyprus graduated from World Bank lending in 1991. However, given the current exceptional circumstances IFC is exploring a possible selective and time-bound investment role in the country. IFC’s presence would increase access to credit, restore confidence among investors and hence boost economic growth. IFC welcomes high-impact investment proposals from the local private sector. IFC Cumulative Active Commitments to Cypriot Sponsors As of June 30, 2014, IFC’s aggregate committed portfolio to Cypriot sponsors amounted to $173.9 million. IFC and Cyprus: Supporting A GroundBreaking Wind Farm in Jordan In November 2013, IFC finalized a $221 million debt package to support the development of a pioneering wind farm in Jordan, part of an effort to boost the country’s supply of renewable energy. EP Global Energy of Cyprus, owned by the J&P Group, is one of the sponsors of the project that is expected to produce electricity at a price up to 25 percent less than that of thermal power while avoiding the emission of 224,000 tons of carbon dioxide annually. The wind farm will be Jordan’s first privately-owned renewable energy facility, helping to boost power supplies in a country where demand for electricity is increasing at about 8 percent annually. It is also expected to lessen Jordan’s reliance on imported fossil fuels and set a precedent for future investments in renewable energy. The support from IFC will help to build a 117-megawatt plant in the southern governorate of Tafila, Jordan. As the lead arranger on the project, IFC provided $69 million in loans and helped directly mobilize another $79 million from Eksport Kredit Fonden, EIB, FMO, the OPEC Fund for International Development, and Europe Arab Bank. CONTACT Andrea Engel Senior Country Officer for EU, Belgium, Cyprus, Greece, & Luxembourg T: +32 2 522 00 39 E-mail: [email protected] Last Updated October 2014 BRUSSELS Tel: +32 2 522 00 39 FRANKFURT Tel: +49 69 743 48230 www.ifc.org/westerneurope LONDON Tel: +44 207 592 8400 PARIS Tel: +33 1 4069 3060