Citi supports growth of microfinance sector in Jordan with $2m local currency term funding
- Jordan: Wednesday, February 06 - 2013 at 13:31
- PRESS RELEASE
Citi announced a $2m Jordanian Dinar equivalent loan to support the growth of the microfinance portfolio of Tamweelcom, a leading microfinance institution (MFI) in Jordan and the MENA region. Tamweelcom is a non-profit MFI owned by Noor Al-Hussein Foundation/ King Hussein Foundation, and has served over 141,000 clients, 93% of whom are women, with an average loan size of $600.
This loan facility will provide local currency financing to support the expansion of Jordan's growing microfinance sector and is part of a global $350m partnership between Citi and the U.S. Overseas Private Investment Corporation (OPIC) to provide microfinance lending to borrowers in emerging markets worldwide.
"Proceeds of this transaction will efficiently support burgeoning businesses in the Kingdom," said Mayank Malik, Chief Executive Officer for Citibank NA Jordan & Iraq. "This is a sign of our confidence in the economic viability of Jordan and highlights the combined strengths of global financial powerhouses and key local partners at delivering needed access to long-term credit."
"Since Tamweelcom's founding in 1999, the company has committed to expand its outreach across Jordan. Through this partnership, Tamweelcom hopes to support its growing number of clients and develop its outreach. Tamweelcom is dedicated to improve the sustainability of enterprises that form the backbone of the country's economy," said the Executive Director of Tamweelcom, Mr. Ziad Al Refai.
"Micro and small businesses in Jordan are the bedrock of the economy and the number one provider of employment outside of the public sector. In order to grow and prosper they need access to the kind of medium and long term financing that is not available in the local capital markets. Tamweelcom promises to provide thousands of Jordanian small business owners with the capital they need to invest, grow, create jobs and boost the local economy," said OPIC President and CEO Elizabeth Littlefield. "OPIC is proud to be working with our partner Citigroup to support this worthy organization."
"We are pleased to support Tamweelcom in its social mission to provide client focussed financial and non-financial services, mainly to women, to expand financial inclusion in Jordan," said Bob Annibale, Citi's Global Director of Microfinance.
Citi's strong commitment to promote financial inclusion through innovation, thought leadership and building clients financial capability is very well recognized. Citi was awarded the top prize in the International Award category at the Business in the Community's Awards for Excellence 2012 for "Scaling Microfinance to Achieve Financial Inclusion," a case study of Citi's partnership with OPIC to develop new distribution models to access micro-entrepreneurs in developing markets.
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