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
"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.
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