Amman, Jordan, March 10, 2014—
IFC, a member of the World Bank Group, is providing a loan worth up to $2 million to a leading Jordanian microfinance organization, part of an effort to spur economic growth across the country.
IFC’s loan will help FINCA Jordan boost lending to businesses run by women and expand its branch network, especially in rural areas. That is vital in a country where many entrepreneurs struggle to obtain loans. Support from FINCA is expected to help smaller business expand, create jobs, reduce poverty, and stimulate economic development.
"The appetite for microfinance in Jordan is tremendous," said John Yancura, Chief Executive Officer of FINCA Jordan. "This partnership with IFC will help us reach out to entrepreneurs who have long been waiting for financial support."
Headquartered in Amman, FINCA Jordan has nine branches and close to 20,000 clients, 95 percent of whom are women.
"Smaller enterprises are the backbone of the Jordanian economy," said Ahmed Ali Attiga, IFC’s Principle Country Officer in Jordan. "By providing these businesses with financial support, we can help them expand, create jobs, and drive economic growth across the country."
This is the latest partnership between IFC and FINCA Microfinance Holding, the parent company of FINCA Jordan and one of the biggest micro-lenders in the world. IFC has committed a total of $73 million to the group across the Middle East, Central Asia, and Eastern Europe.
The loan is part of IFC's efforts to support Jordan's private sector. IFC also has an active advisory program in the country that supports smaller businesses, helps streamline regulations, and encourages infrastructure development.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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