MICROCAPITAL BRIEF: Microfund for Women (MFW) Borrowing $5m from EIB to Extend Microfinance to 146k Syrian Refugees, Local Entrepreneurs in Jordan

The EU’s European Investment Bank (EIB) recently agreed to loan USD 5 million to Jordanian microfinance institution Microfund for Women (MFW) to give microenterprises greater access to finance. The deal will support 146,000 people, almost all of them women. A portion of the funds are intended to help Syrian refugees in rural Jordan “achieve economic self-reliance.” This is the second investment EIB has made in MFW, following one in 2014 in the amount of EUR 2 million (USD 2.3 million).

MFW is a nonprofit that was founded in 1996. The institution serves 140,000 customers, 96 percent of whom are women. As of 2017, MFW has total assets of USD 96 million and a gross loan portfolio of USD 75.2 million. The organization does not accept deposits. MFW is licensed by the Central Bank of Jordan and is a member of Tanmeyah, a 9-member network of microfinance institutions in Jordan.

Created in 1958, EIB works in approximately 160 countries and is owned by 28 EU member countries. Since 2013, EIB has provided EUR 30.7 billion (USD 34.9 billion) in co-financing to the agricultural sector. In Jordan, EIB has funded projects totaling EUR 1.4 billion (USD 1.6 billion).

By Michelle Fleming, Research Associate

Sources and Additional Resources

EIB press release
http://www.eib.org/en/infocentre/press/releases/all/2018/2018-284-the-eib-reinforces-its-partnership-with-microfund-for-women-to-improve-womens-access-to-finance-in-jordan.htm

EIB homepage
http://www.eib.org

MFW homepage
http://www.microfund.org.jo

MIX profile on MFW
https://www.themix.org/mixmarket/profiles/mfw

MICROCAPITAL BRIEF: BIO, EIB, PROPARCO Participating in $2.6m agTAF Technical Assistance Fund Launched by Incofin for Rural Entrepreneurs
https://www.microcapital.org/microcapital-brief-bio-eib-proparco-participating-in-2-6m-agtaf-technical-assistance-fund-launched-by-incofin-for-rural-entrepreneurs/

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