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Jordan Inaugurates 50MW Wind Power Plant

Jordan Inaugurates 50MW Wind Power Plant
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Jordan Inaugurates 50MW Wind Power Plant

Jordan Inaugurates 50MW Wind Power Plant

Jordan’s Minister of Energy and Mineral Resources Hala Zawati inaugurated Friday a new wind power plant in Tafileh governorate, southwest of Amman, at a total cost of $102 million.

During the inauguration ceremony, Zawati said the Ministry has been developing an energy strategy to keep pace with growth in power demand in conjunction with efforts to diversify energy sources and reduce costs.

Jordan focuses on providing energy sources from local and eco-friendly resources to ensure energy security and independence, stressed Zawati.

She added that the Kingdom aims at increasing the contribution of renewable energy to the total energy mix to 10 percent by 2020, about 20 percent of the consumed electricity in the country.

The Minister pointed out that Jordan is currently working on implementing the objectives of the energy strategy approved in 2007 to use the sun and wind energy to generate 1,600 MW by 2019 and 2,400 MW by 2020.

These projects will be implemented and account for about 20 percent of electricity generation by 2020.

“There are currently about 800 MW of wind and solar projects operating in the Kingdom, and the progress in the renewable energy sector has made Jordan a leading country in the region," Zawati explained.

She praised the performance of Korean companies in Jordan and their role in contributing to increase Jordan's capacity in the field of energy and ensuring security of electricity supply, which constitutes an important economic pillar.

South Korea's Ambassador to Jordan Lee Boom-Yun, for his part, underscored the importance of cooperation with Jordan and hailed the role of his country's companies in promoting alternative resources of energy.

Officials from, two Korean sponsors, KOSPO and Daelim, presented details of the project.

"The successful financial closure of the project took place in September at a total cost of about $102 million," they said.

They expected to connect the project to the electricity network of the National Electric Power Company (NEPCO) during 2020, which will produce about 145 GWh per year.

Zawati, on Wednesday, also laid the foundation stone for solar photovoltaic (PV) power plant, dubbed "AM Solar," which cost $50 million, at Madounah area, east of Amman.

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IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
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IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.

The International Monetary Fund warned on Friday that risks related to trade tensions continue to cloud the global economic outlook and uncertainty remains high despite some increased trade and improved financial conditions.

IMF First Deputy Managing Director Gita Gopinath said the fund would update its global forecast later in July given "front-loading ahead of tariff increases and some trade diversion," along with improved financial conditions and signs of continued declines in inflation.

In April the IMF slashed its growth forecasts for the United States, China and most countries, citing the impact of US tariffs on imports now at 100-year highs and warning that rising trade tensions would further slow growth.

At the time, it cut its forecast for global growth by 0.5 percentage points to 2.8% for 2025, and by 0.3 percentage points to 3%. Economists expect a slight upward revision when the IMF releases an updated forecast in late July.

According to Reuters, Gopinath told finance officials from the Group of 20 major economies who met this week in South Africa that trade tensions continued to complicate the economic outlook.

"While we will update our global forecast at the end of July, downside risks continue to dominate the outlook and uncertainty remains high," she said, in a text of her remarks.

She urged countries to resolve trade tensions and implement policy changes to address underlying domestic imbalances, including scaling back fiscal outlays and putting debt on a sustainable path.

Gopinath also underscored the need for monetary policy officials to carefully calibrate their decisions to specific circumstances in their countries, and stressed the need to protect central bank independence. This was a key theme in the G20 communique released by finance officials.

Gopinath said capital flows to emerging markets and developing economies remained sluggish, but resilient, in the face of increased policy uncertainty and market volatility. For many borrowers, financing conditions remained tight.

For countries with unsustainable debt, proactive moves were essential, Gopinath said, repeating the IMF's call for timely and efficient debt restructuring mechanisms.

More work was needed on that issue, including allowing middle-income countries to access the G20's Common Framework for Debt Restructuring, she said.