- CSR project is APICORP’s first in Jordan and will provide up to 10,000 people with easy access to water for irrigation
KSA, Dammam: The Arab Petroleum Investments Corporation (APICORP) today announces it has completed the Al-Jafr Agricultural Rehabilitation Project in Jordan. This CSR project is APICORP’s first in Jordan, and will provide easy access to water for irrigation for up to 10,000 people.
The USD $370,000 project has been launched today by H.E Khaled Hneifat, Minister of Agriculture, Jordan, H.E. Dr. Radi Tarawneh – Agriculture Ministry Secretary General, Dr. Aabed Al Saadoun, Chairman, APICORP and Dr. Raed Al Rayes, Deputy CEO & General Manager of APICORP.
The CSR initiative commenced in late 2014, and will provide 2,500 acres of land suitable for irrigation, serving the needs of residents in Al-Jafr city, in the Ma’an Governorate of Jordan, 250 km South-East of Amman, Jordan.
H.E Khaled Hneifat, Minister of Agriculture, Jordan said:
“Scarcity of water in Jordan is an ongoing issue which we are committed to tackling. Everybody should have access to potable water, and the completion of this project brings us one step closer to that objective. We must thank our financing partners APICORP, as without their faith in the project, it may never have been achieved.”
Dr. Aabed Bin Abdulla Al Saadoun, Chairman of APICORP commented:
“On behalf of our team, APICORP is delighted to be a part of such a vital, and worthwhile project. In the Arab world, we live in challenging locations and landscapes, where water is often not readily available. This project will make a significant difference to many residents of the Al-Jafr city and meet their water needs.”
”I want to express my appreciation to the Ministry of Agriculture and to its representative H.E Khaled Hnaifat, who supported APICORP to help find a solution to Al-Jafr city’s water scarcity challenge.” added Dr. Al Saadoun.
The Arab Petroleum Investments Corporation (APICORP) is a multilateral development bank established to foster the development of the Arab world’s oil and gas industries. The organization was created under the terms of an agreement signed by the 10 Member States of the Organization of Arab Petroleum Exporting Countries (OAPEC) in September 1974. APICORP’s vision is to transform the Arab energy industry into a powerful force for the region’s economic progress. Driven by this vision, APICORP seeks to make equity investments and provide project loans, trade finance, advisory and research to the energy industry.
APICORP is one of the five organizations established by OAPEC to promote cooperation and economic integration in the Arab hydrocarbon and petrochemical industry. Since its founding, APICORP has made significant contributions to the evolution of the region’s energy industry. It has made equity investments in 22 oil and gas joint venture projects worth over $13 billion and participated in direct and syndicated energy finance transactions worth over US$126 billion. APICORP‘s aggregate commitments in these transactions, including both in equity and debt, are valued in excess of US$11 billion. Apart from this, it has provided advisory and treasury services related to financing and project development; and published highly regarded macro-economic research. These areas continue to define APICORP in today’s marketplace.
APICORP is independent in its functioning and carries out its operations on a commercial basis. The Corporation’s headquarters are located in Dammam, in the Eastern Province of Saudi Arabia. APICORP also operates a Banking Branch in Manama, Bahrain.