UK-based financial services company HSBC (formerly known as the Hongkong and Shanghai Banking Corporation), Dubai-based microfinance investor Grameen-Jameel and Bankers without Borders (BwB), a program of the US-based Grameen Foundation, are partnering to provide financial and technical expertise to microfinance institutions (MFIs) in the Middle East and North Africa. Starting in 2012, HSBC staff based in the United Arab Emirates (UAE) will be deployed to provide technical assistance to unspecified MFIs. The program is to be expanded to involve HSBC staff across the Middle East andNorth Africaby 2013. The number of expected HSBC participants was not disclosed.
HSBC has operations in 14 countries in the Middle East and North Africa and reported total assets of USD 2.56 trillion For the year 2011. As of November 2010, Grameen-Jameel reported working in Egypt, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey and Yemen, providing financial guarantees totaling approximately USD 24 million that have facilitated local currency financing equivalent to USD 53 million. As of January 2012, BwB operates volunteer programs in 13 countries.
By Brendan Millan, Research Associate
About HSBC: Founded in 1865, HSBC (formerly known as Hongkong and Shanghai Banking Corporation) is a UK-based financial services company. For the year 2011, HSBC reported total assets of USD 2.56 trillion.
About Grameen-Jameel: Grameen-Jameel was established in 2003 and was incorporated in 2007 as a joint venture of the US-based Grameen Foundation and the UK-based Abdul Latif Jameel Foundation. Based inDubai, the company forms partnerships primarily with Arab microfinance institutions (MFIs), which it supports by providing loans for early-stage MFIs and guarantees for mature MFIs seeking to access local-currency commercial loans. As of November 2010, Grameen-Jameel reported working in Egypt, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey and Yemen, providing financial guarantees totaling approximately USD 24 million that have facilitated local currency financing equivalent to USD 53 million.
About Bankers without Borders (BwB): Bankers without Borders (BwB) is a volunteer program of the US-based Grameen Foundation that supports microfinance and technology initiatives related to finance in poor countries. It was founded in 2008 and is working with MFIs in 13 countries as of January 2012. It has received funding from US-based bank JP Morgan Chase and the US-based Bill and Melinda Gates Foundation.
About Grameen Foundation: The Grameen Foundation, a nonprofit based inWashington, DC, aims to help microfinance institutions throughout the world replicate the joint-liability model of the Grameen Bank of Bangladesh. The organization provides financial, technological and managerial support to provide new business opportunities and telecommunication services for poor people in rural areas. Though it is independent of the Grameen Bank, Dr Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. Grameen Foundation reported total investments of USD 19.0 million and total assets of USD 27.3 million as of March 31, 2011.
Sources and Resources:
[1] AMEinfo: “HSBC partners with Grameen-Jameel to support Microfinance through The Bankers without Borders Programme in Middle East”, http://www.ameinfo.com/hsbc-partners-grameen-jameel-support-microfinance-bankers-299770
MicroCapital.org story, April 25, 2012, “MICROCAPITAL BRIEF: Grameen-Jameel Loans $1.5m to Jordan Micro Credit Company (Tamweelcom)”, https://www.microcapital.org/microcapital-brief-grameen-jameel-loans-1-5m-to-jordan-micro-credit-company-tamweelcom/
MicroCapital.org story, December 29, 2011, “MICROCAPITAL BRIEF: Grameen-Jameel Achieves 1.5m Microfinance Clients Reached, $53m Facilitated”, https://www.microcapital.org/microcapital-brief-grameen-jameel-achieves-1-5m-microfinance-clients-reached-53m-facilitated/
MicroCapital.org story, September 26, 2011, “MICROCAPITAL BRIEF: Microfinance Innovation Center for Resources and Alternatives (MICRA) of Philippines to Join Grameen Foundation’s Bankers without Borders Alliance, Organize Volunteer Consultants Working with Microfinance Institutions,”https://www.microcapital.org/microcapital-brief-microfinance-innovation-center-for-resources-and-alternatives-micra-of-philippines-to-join-grameen-foundation%E2%80%99s-bankers-without-borders-alliance-organize-volunteer-consu/
MicroCapital.org story, March 15, 2010, “MICROCAPITAL BRIEF: CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank partner to launch Islamic Microfinance Challenge 2010,”https://www.microcapital.org/microcapital-brief-cgap-deutsche-bank-grameen-jameel-and-islamic-development-bank-partner-to-launch-islamic-microfinance-challenge-2010/
MicroCapital.org story, December 9, 2008, “MICROCAPITAL STORY: Grameen-Jameel and Blue Orchard’s Arab Microfinance Investment Symposium Concludes that Microfinance in Arab World Totals US $5.5 billion”,https://www.microcapital.org/microcapital-story-grameen-jameel-and-blue-orchards-arab-microfinance-investment-symposium-concludes-that-microfinance-in-arab-world-totals-us-55-billion/
MicroCapital Universe Profile: Grameen-Jameel, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen-Jameel
MicroCapital Universe Profile: Bankers without Borders, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bankers+Without+Borders+%28BwB%29
MicroCapital Universe Profile: Grameen Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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