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EBRD supports female entrepreneurs and refugees in Jordan

Publish on : 24/05/2017

US$2 million loan to "Microfund for Women"

 

The EBRD is providing up to US$ 2 million in local currency to the Microfund for Women (MFW) for on-lending to female entrepreneurs in Jordan.
Access to finance to micro small and medium enterprises (MSMEs) through banks remains extremely limited in Jordan, a country which is particularly exposed to the refugee crisis in the Middle East triggered by the civil war in neighboring Syria.
The EBRD financing will offer much-needed support for MSMEs and contribute to greater financial inclusion and employment opportunities in Jordan, specifically for women and for people living in less advantaged regions. Donor-funded support will specifically address needs of refugees who venture into business.

 


MFW is the largest microfinance institution in Jordan and an important player in the development of female entrepreneurship and support for refugees. Since 2016, the fund has extended loans to Syrian refugees who currently represent 20 per cent of Jordan's population and are not targeted by any other microfinance institution in Jordan.
Technical cooperation funds provided to MFW by the SEMED Multi-Donor Account and EBRD Shareholder Special Fund will strengthen its institutional and skills development in refugee lending.

Heike Harmgart, Head of the EBRD office in Jordan, said: "We are very pleased to team up again with MFW in support of women entrepreneurs and Syrian refugees. This investment is the first to a financial institution under the EBRD Refugee Response and we hope it will promote lending to refugees and contribute to greater financial inclusion and job opportunities."

Muna Sukhtian, MFW Managing Director, said: As part of our financial inclusion strategy, we are pleased to expand our financial opportunities for Syrian Women refugees to achieve economic self-reliance. We have included our financial and non-financial services, such as training, awareness and market linkages. We thank EBRD for their continues support for MFW and their major role in empowering women in Jordan.
Jordan became an EBRD shareholder in 2012 and to date the Bank has committed €900 million across 35 projects in various sectors of the economy, in addition to US$ 120 million of trade facilitation credit lines with local banks.

MFW is a privately-owned, non-profit MFI registered in Jordan. It is the largest in the country as measured by the number of clients (34 per cent of market share) and the largest by gross loan portfolio (28% per cent of market share), with total assets of US$ 103.8 million. MFW is currently serving 137,903 clients of which (2,496 from them are active refugee borrowers) through 58 branches, 40 of which are located outside Amman.

 

 

 

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