IFC Invests $1.8 million in Jordanian Hotel Firm to Promote Greener Buildings

In London: 
Carmen Powell 
Phone: +44 207 286 54 39 
E-mail: cpowell@ifc.org




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 the world. 

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. 

About IFC 
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.