Project detail - National Carrier Project Ltd

Who is our prospective customer?

The project is implemented by National Carrier Project, a Jordan-incorporated Private Shareholding Company owned by Meridiam (90%) and Suez (10%), (the “Borrower”).

What is our funding objective?

FMO is considering providing a loan to the Borrower for the development, financing, construction, operation, and maintenance of a seawater desalination and conveyance system in the Hashemite Kingdom of Jordan. The project will be developed under a public-private partnership on a Design-Build-Finance-Operate-Maintain-Transfer (“DBFOMT”) basis pursuant to a 30-year concession agreement between the Government of Jordan and the Borrower.

Why do we want to fund this investment?

FMO will provide long-term debt financing that is currently insufficiently available through commercial lending in Jordan and for projects of this nature/size. Jordan is among the most water-scarce countries in the world, with large parts of the population receiving water intermittently. The project is expected to provide safe and reliable water to millions of Jordanians, thereby improving the quality of the water supply and enhancing their resilience to climate-related risks. The transaction is expected to be labelled 100% Green.

What is the Environmental and Social categorization rationale?

FMO's environmental and social (E&S) risk category for this transaction is A, reflecting impacts on biodiversity (terrestrial and marine critical and natural habitat), physical and economic displacement, cultural heritage, occupational and community health and safety, security, as well as potential human rights issues in the solar supply chain. According to the information currently available, the following IFC Performance Standards (PSs) are triggered: PS 1: Assessment and Management of Environmental and Social Risks and Impacts; PS 2: Labor and Working Conditions; PS 3: Resource Efficiency and Pollution Prevention; PS 4: Community Health, Safety and Security; PS 5: Land acquisition and involuntary resettlement; PS 6: Biodiversity conservation and sustainable management of living natural resources; and PS 8: Cultural Heritage. IFC PS 7 (Indigenous Peoples) is not triggered as the baseline studies confirm that there are no indigenous people in the project area. Note: This transaction could be signed up to 12 days prior to the lapse of the 60-day disclosure period required by the FMO Customer Disclosure Policy. This deviation is necessary to align with the other lenders IFC and EBRD. Their disclosures went online on 17 October 2025, so the project will have been public and available for stakeholders to react to for 60 days by 16 December 2025. We invite stakeholders to submit feedback before 16 December 2025 to disclosure@fmo.nl.