responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it has made local-currency loans totaling the equivalent of USD 2 million to microfinance institutions (MFIs) Middle East Micro Credit Company (MEMCC) of Jordan and Urwego Opportunity Bank (UOB) of Rwanda.
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MICROCAPITAL BRIEF: MicroCred Senegal, Middle East Micro Credit Company (MEMCC) of Jordan Borrow $2m From responsAbility Social Investments of Switzerland
responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it has made local currency loans totaling the equivalent of USD 2 million to microfinance institutions (MFIs) in Senegal and Jordan.
MICROCAPITAL BRIEF: Microfinance Risk Management Develops “Simple Poverty Scorecard for Jordan,” Expanding Range of “Progress Out of Poverty” Index
Microfinance Risk Management Limited Liability Corporation (LLC) recently developed a simple poverty scorecard that can be used to track the poverty level of individual households and hence the poverty rate of communities in Jordan.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Assists Jordan in Introducing Secured Lending, Benefit Seen for Microfinance Institutions
The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will assist Jordan in developing a legal and institutional framework for secured lending, with the goal of reducing the cost of lending and expanding the availability of credit to small and medium enterprises (SMEs). A recent press release from IFC states that it is advising Jordan’s Ministry of Industry and Trade (MIT) as it develops legislation to regulate secured lending – a type of lending involving the use of moveable assets, such as equipment and inventory, as collateral for a loan.
MICROCAPITAL BRIEF: Jordan’s Microfund for Women Launches Gender-Sensitive Microinsurance Product, Caregiver, in Partnership with Women’s World Banking (WWB)
Jordan’s Microfund for Women (MFW), a Jordanian microfinance program for women, has recently launched a microinsurance product, CareGiver, with its partner Women’s World Bank (WWB). The insurance policies are being provided to MFW borrowers, who pay a monthly premium with their loan repayment.
MICROCAPITAL BRIEF: BlueOrchard Commits $4m in Debt Capital to Microfinance Projects in Kyrgyzstan, Tajikistan, and Jordan
BlueOrchard Finance, a Swiss asset management company, recently informed MicroCapital that it has provided USD 4 million in loans from two funds it manages, the Dexia Micro Credit Fund and the Microfinance Enhancement Facility, to three Asian microfinance organizations. Frontiers, a microfinance investment vehicle (MIV) in Kyrgyzstan, will receive USD 500,000. The Eskhata Bank in Tajikistan will receive USD 2 million. The Middle East Micro Credit Company (MEMCO) in Jordan will receive USD 1.5 million.
MICROCAPITAL BRIEF: Arab Gulf Program for United National Development Organizations (AGFUND) Unveils Plans to Open Microfinance Banks in Jordan, Lebanon and Sudan
The Arab Gulf Program for United National Development Organizations (AGFUND), a regional non-profit development institution, recently announced that it will establish microfinance banks in Jordan, Lebanon, and Sudan within the next few months.
NEWS WIRE: Jordan: French Development Agency (AFD) to Provide €7m in Concessional Financing to Microfinance Institutions Via Société Générale Bank of Jordan
Source: The Jordan Times.
MICROCAPITAL EVENT: Middle East and North Africa (MENA) Microfinance Conference 2009 in Amman, Jordan on October 26-27, 2009, Organized by UniGlobal Research in Association with Sanabel
Event Name: MENA Microfinance Conference 2009
Date: October 26-27, 2009
Location: Amman, Jordan
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
MICROCAPITAL STORY: The Role Of Rural Microfinance In Improving Food Security – Experiences of the Agricultural Credit Corporation in Jordan
In Omar Omeidat’s report in the Jordan Times on a regional conference in Amman on agricultural banks and rural microfinance, HRH Princess Basma was reported to have highlighted the importance of funding for rural projects, particularly in view of the global economic crisis, which she said has had a negative impact on food security programmes. The Princess indicated that due to local and global economic circumstances and a shortage of water resources, the agricultural sector in Jordan faces several challenges, which have led to a drop in the sector’s contribution to the gross domestic product (GDP) and work force. Jordan’s water crisis was the focus of a recent article on the AlertNet-Reuters network, which disseminates information about humanitarian disasters and emergencies across the globe. The IRIN portal, which provides information on humanitarian affairs under the auspices of the United Nations Office for the Coordination of Humanitarian Affairs, recently reported that whilst the water and related food crisis in Jordan is not yet critical, a range of measures and projects need to be implemented as soon as possible to contain the problem.
MICROCAPITAL STORY: Islamic Development Bank (IDB) Grants $10m Loan to the Development and Employment Fund (DEF) of Jordan
The Islamic Development Bank (IDB) has extended a USD 10 million soft loan to the Development and Employment Fund (DEF) in Jordan to develop microfinance in the country. The IDB consists of 56 countries that are all members of the Organization of the Islamic Conference and contribute to the bank’s capital. In addition to facilitating trade among member countries, the IDB grants loans and provides funding for social and economic development projects in member countries. Because the financial operations of the IDB are intended to be consistent with Shariah law, the IDB also provides technical assistance and training in Shariah banking practices. For more information on the how Shariah law affects banking practices in general and microfinance in particular, see this MicroCapital Paper Wrap-Up. The IDB was founded at the Conference of Finance Ministers of Muslim Countries in Jeddah in December 1973 and commenced operations in October 1975. The DEF is a public government fund that commenced operations in 1991 with the objective of promoting independent employment and developing the small business sector. Initially under the government’s Industrial Development Bank, the DEF has been independently managed since 1992.
NEWS WIRE: Jordan: $10M Soft Loans to Support Microfinance
Source: Jordan Times
MICROFINANCE EVENT: Consultative Group to Assist the Poor (CGAP) to Host Five Day Course in Amman, Jordan for Microfinance Funders
CGAP Funder Training
Developing Inclusive Financial Systems for the Poor: How Funders Can Make a Difference
Amman, Jordan (Dead Sea), June 14-18, 2009
MICROFINANCE EVENT: International Insurance Society (IIS) to Host Annual Seminar: Patronage of Her Majesty Queen Rania Al Abdullah of Jordan Brings Microfinance Focus
International Insurance Society’s 45th Annual Seminar: Maintaining Sustainability in a Changing World
June 7-10, 2009, Amman, Jordan
NEWS WIRE: Jordan Micro Credit Company Finances Purchases of Solar Systems
Source: Zawya
MICROCAPITAL STORY: Spanish Agency for International Cooperation (AECID) Provides US$ 8.6 million in Funding for Jordan’s Microfund for Women
The Spanish government provided funds of Euro 6 million (USD 8.6 million) to the Microfund for Women, a Jordanian microfinance institution. Under an agreement signed on December 15, 2008 at the Ministry of Planning and International Cooperation, the Spanish Agency for International Cooperation (AECID) provided the Microfund for Women with the funds, providing additional support to the Jordanian microfinance sector, which accounts for approximately 20 percent of the of its gross domestic product (GDP). This is not the first time that the Spanish government has funded Jordanian microfinance in 2008. In February AECID provided the National Microfinance Bank (NMB) with Euro 5 million (USD 7.2 million) and the Micro Credit Company (Tamweelcom) with Euro 4 million (USD 5.74 million).
NEWS WIRE: Jordan: International Finance Corporation (IFC) to Help Jordan Introduce Credit Bureau Legislation, Support Smaller Businesses
MICROCAPITAL STORY: Citi Foundation and Jordan River Foundation Present 2008 Citi Microentrepreneurship Awards, Jordanian Government Pledges $7.1m to Local Microfinance Institutions (MFIs)
On November 16, the Citi Foundation, a philanthropic foundation dedicated to economic development, and the Jordan River Foundation (JRF), a Jordanian non-profit organization (NGO) focused on female entrepreneurship, held the 2008 Citi Microentrepreneurship Awards ceremony for Jordan.? The two groups and the Jordanian government highlighted the active role that micro-credit plays in alleviating local poverty and honored individual micro-entrepreneurs, including ten women. ? The Ministry of Planning and International Cooperation (MoPIC) also announced new funding initiatives for the microfinance sector.