Grameen-Jameel secures more than $15m in financing

The $12.5m loan for FONDEP from BMCE Bank in Morocco is the largest leveraged commercial transaction for a Moroccan MFI and is backed by $3m in guarantees split evenly between Grameen-Jameel and Grameen Foundation's Growth Guarantee program.

"The exemplary collaboration between the two institutions allows our Foundation to realize the objectives of its mission, which is to allow individuals to become active in the economy and to have hope in the possibility of leading a better life, and that's where this partnership draws its strength and added value," said Zine El Abidine Otmani, Director of FONDEP.

In Jordan, an $846,000 guarantee from Grameen-Jameel supports two million Jordanian Dinars ($2.8m) in financing for Tamweelcom from Société Générale de Banque - Jordanie. This transaction
marks Grameen-Jameel's entry into the Jordanian microfinance market and the beginning of its
partnership with Tamweelcom. "This partnership between the two institutions will strengthen the possible cooperation and the exchange of experience by providing funding sources and building capacities to serve the productive poor and microentrepreneurs in Jordan," said Ziad Al Refai, CEO of Tamweelcom.

"FONDEP and Tamweelcom share our commitment to building more inclusive financial systems throughout the Arab World and we are pleased to support their efforts to expand the economic opportunities available to the poor in Morocco and Jordan," said Heather Henyon, General Manager of Grameen-Jameel.

To date, Grameen-Jameel has closed more than $13m in partial credit guarantees that has been leveraged on average about 2.6 times to raise a total amount of $35m in total financing for its partner MFIs.

Grameen-Jameel has closed 8 transactions in Morocco, Tunisia, Egypt, and Jordan in the last two years.

With the addition of Tamweelcom, Grameen-Jameel now serves 12 MFIs in the Arab World and impacts the lives of more than 200,000 new microfinance clients in Egypt, Jordan, Lebanon, Morocco, Tunisia, Saudi Arabia, and Yemen.