The Jordanian company for microfinance "Tamweelkm" has signed a $ 10 million financing agreement with the International Finance Corporation (IFC), a member of the World Bank Group, the world's largest development institution, which is considered to be the largest in the region's microfinance sector.
The agreement aims at increasing the scope of microfinance in the Kingdom, supporting and financing small and entrepreneurial entrepreneurs, and increasing the access of small and micro enterprises to the necessary funding, as it reflects the financial coverage of the national economy.
"This agreement will strengthen Tamweelkm as a regional hub to attract entrepreneurs and small and micro businesses and create an enabling environment for these companies across the Kingdom that will help them grow. This agreement reflects IFC's confidence in the performance of Tamweelkm in reaching the target groups that are marginalized financially for their involvement in the formal financial sector," said Nevin Al Abushi, Chairman of Tamweelcom. "We are committed to developing and improving the sustainability of projects that are the backbone of the national economy, with the largest institutions in the world through this agreement Agreement that worth $ 10 million and is the largest in the region.
The Executive Director, Ali Abd AlJabar said to Tamweelkm "We are proud of this strategic partnership aimed at raising the economic and social standard of the local community in all regions of the Kingdom, especially the less fortunate areas through the provision of the necessary funding, and the impact of these funds on the development of projects and thus support the Jordanian economy and push the development forward."
Aq Qoon, Director of IFC's Middle East and North Africa Financial Institutions group "Enhancing financial inclusion is essential to reduce poverty and promote shared prosperity, and small and micro-enterprises are seen as a major driver of growth in many economies and the need to have financial support that it needs to grown and prosper."
"We are proud of this partnership, which reflects the message and vision of the King Hussein Foundation, which aims to empower the woman through funding to enhance her productive role in community development," said Hanaa Shaheen, Executive Director of King Hussein Foundation.
Translated by: Yasmeen AbuBaker
