Washington October 27, 2009—IFC, a member
of the World Bank Group, is investing $1.8 million in Zara Investment Holding
Company to help the company save energy and reduce greenhouse-gas emissions.
Zara is a hotel enterprise in Jordan and
an IFC client since 1996. The IFC investment represents one of several
global deals under the Cleaner Production Lending Pilot, a $20 million
program that supports cleaner production investments among existing IFC
clients. Under the program, IFC supports the fight against climate
change by helping companies reduce waste and greenhouse-gas emissions.
Investments in cleaner production often improve operating efficiency
and increase profitability.
Zara will test the use of solar water heating
at two of its hotels to take advantage of Jordan’s potential for solar-based
renewable energy options. This initiative will be replicated at the
company’s other properties, potentially having a strong demonstration
effect for other IFC clients in the hotel, retail, and tourism sector around
Thanks to this project, Zara will be one
of the first companies in Jordan to become energy efficient using solar
energy for water heating in its hotels, said Lina Annab, General Manager
of Zara Investment Holding Company. “We expect to reduce our annual energy
and water cost by 11 percent or about $1 million.”
The decrease in the company’s electricity
and oil consumption is expected to result in an annual reduction in carbon
dioxide emissions of approximately 3,700 tons. The project includes
water usage reduction measures such as eliminating leakages and introducing
water flow reducer aerator controls, which in turn will result in annual
savings of around 46,000 cubic meters of water.
“With this financing, we look forward to
continuing our long-term relationship with Zara Investment Holding, a company
that shares IFC’s commitment to cleaner production and energy efficiency,”
said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $14.5
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.