EBRD, IFC and CBoJ boost sustainable tourism in Jordan

July 2, 2024
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The European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and Capital Bank of Jordan (CBoJ) are supporting sustainable tourism in Jordan by providing an US$ 81 million financing package for the development of Ayla Marina Village, which is part of the Ayla Oasis regeneration plan.


The multi-currency package includes a US$ 71 million loan provided equally by the EBRD and IFC, and a JOD 7.1 million loan from CBoJ.


Ayla Marina Village is in Aqaba, Jordan’s only coastal city and a major tourist attraction. The area has benefited greatly from Ayla Oasis’s sustainable hospitality, retail and entertainment facilities that are spread over 4.3 million square metres of de-mined, former high-security land on the western edge of the city along the Red Sea.


With this new financing, Ayla Marina Village will build a new and sustainable hotel called the Pulse hotel, which will offer 76 rooms aimed at both the leisure and corporate markets. The building will be certified according to the EDGE Green Building Certification, enhancing the overall value of the destination. The new financing will also extend existing loan maturities.


In addition to the financing, the EBRD will provide a comprehensive technical cooperation package funded by its Southern and Eastern Mediterranean Multi-Donor Account. The technical assistance will address the shortage of critical skills by introducing new work-based training programmes for people entering the tourism and hospitality industry, easing the transition from education to employment. The training will be offered through Ayla’s Makarem Training Academy, which was established with the EBRD’s support. The technical cooperation will also support a new regulatory framework for work-based learning.

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Countries covered:

  • Jordan