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The deal stipulates that UNRWA will open two accounts in CAB's Mahatta Branch, one in US dollars and the other in Jordanian dinars. The funds deposited in the latter will be used to issue loans to the program's beneficiaries.
The bank will open current accounts for clients of the program upon UNRWA's request and will issue cheque books for each client to be used to withdraw the money he/she is entitled to under the MMP.
For its part, UNRWA would collect clients' loan repayments and deposit them in the agency's account.
Mr. Kamal Al-Bakri said,
"We feel privileged that we have been chosen by UNRWA to manage its accounts related to such an important program. This is a very promising beginning of a long and fruitful cooperation between Cairo Amman Bank and UNRWA that we hope to build on in the future."
UNRWA's Public Information Officer in Jordan Matar Saqer said: "Out of the banking sector in Jordan, Cairo Amman Bank came up with the best terms and conditions to administer our accounts. Besides, the bank has several branches in the areas targeted by our MMP programme, which is another reason why we selected it as our partner in this plan through which UNRWA seeks to improve the socio-economic conditions of the refugees."
Head of UNRWA's MMP programme in Amman Mr. Haidar Farran said: "The programme aims to alleviate poverty and support economic development in the refugee community by providing working loans at commercial rates".
The MMP was launched in the West Bank and Gaza in 1991 and was expanded to Jordan in 2003 by opening a branch in Wihdat area, south of Amman. A second branch will be opened in Amman later this year, and two other branches are scheduled to be opened in other areas in Amman in 2007.
Since its establishment, the Wihdat branch has dispersed 4,716 loans in the amount of JD 3,743,200.
Posted by Anne-Birte Stensgaard, Senior News Editor
