The FINANCIAL — The EBRD is continuing to promote women’s entrepreneurship in Jordan by providing a third loan, of US$ 4 million in local currency, to the Microfund for Women (MFW) in Jordan.
The funds will increase access to finance for women-led businesses, especially those from disadvantaged communities, enabling them to expand their businesses or start up new businesses. This will contribute to greater financial inclusion and job opportunities.
Access to finance through banks remains extremely limited for micro, small and medium-sized enterprises in Jordan, which account for 95 per cent of the country’s companies and are an important source for jobs.
MFW became a client of the EBRD in 2013, and since then two loan agreements have been signed for a total of US$ 6 million (equivalent to JOD 4.2 million). This includes a loan signed in 2017 that benefited Syrian refugee women as well as Jordanian women.
MFW is the largest microfinance institution in the country in terms of loans and clients alike, with total assets of US$ 89.6 million and 61 branches, in the first half of 2018. It currently serves nearly 147,000 beneficiaries, of whom around 5,600 are active women borrowers from the Syrian refugee community.
Jordan became an EBRD shareholder in 2012 and to date the Bank has committed more than €1 billion across 40 projects in various sectors of the economy, in addition to US$ 120 million of trade facilitation lines to local banks.