The World Bank chooses CRIF to design a digital finance solution for clean energy in Jordan
On March 12, CRIF won the first part of an important tender funded by the World Bank for the design of a digital finance solution for clean energy in Jordan.
CRIF’s solution aims to bring digital lending features to the Jordan energy marketplace, not only serving as the entry point for financing applications, but also helping banks and financial institutions to streamline the application process. The solution, which enables the matching of credit bureau data and the offerings of financial institutions, includes both eligibility and pre-approved financing criteria to help reduce application turnaround time and ensure a higher success rate. In this way, it facilitates access to lending to companies and consumers.
Jordan has a growing Energy Efficiency (EE) and Renewable Energy (RE) market as a result of the Government’s priority to balance the Energy sector by improving the EE and RE.
Regulatory incentives are the main factor in generating demand to improve EE and RE projects in the country. However, numerous challenges remain, including technical, financial, and human resource capacity. Enabling and enhancing financial flows is the focus of the engagement between Government and the private sector, particularly project developers and financiers.
CRIF’s solution can also been used as a model in different countries, thanks to its innovative and state-of-the-art digital features, which may also include decision solutions applicable to the lending process.