Amman, Jordan, February 24, 2014—IFC,
a member of the World Bank Group, is supporting Middle East Micro Credit
Company (MEMCC), a leading Jordanian microfinance institution, to help
the company expand its lending services to small businesses, supporting
economic growth across the country.
A $2 million investment from IFC will allow MEMCC to expand its operations
in Jordan, helping increase access to loans for micro, small, and medium
enterprises, especially those owned by women. That is expected to help
these businesses grow and create jobs. MEMCC currently serves more than
25,000 clients, of which 64 percent are women.
“IFC’s investment will help us expand our operations into new segments
and increase our coverage, providing financial services to a larger number
of micro and small businesses throughout the country,” said Naser Darwish,
General Manager of MEMCC.
While the Jordanian microfinance sector is the fourth largest in the Arab
World, there are about 500,000 micro, small, and medium enterprises that
would benefit from loans. Overall, the sector is facing a $280 million
“Smaller businesses are a vital part of the Jordanian economy, but too
often they are shackled by a lack of access to finance. By providing access
to loans, we can help unlock their potential to create jobs and drive economic
growth," said Ahmed Ali Attiga, IFC’s Principle Country Officer in
This investment is part of IFC’s strategy in Jordan that focuses on encouraging
private sector involvement in the country, to develop a more active financial
sector. In fiscal year 2013, IFC committed $58 million in Jordan.
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
About Middle East Micro Credit Company
MEMCC originated as a continuation of the 1998 Cooperative Agreement signed
between Global Communities (formerly CHF International) and USAID to establish
the Southern Jordan Access to Credit Project (SJACP). The purpose of the
project was to provide microfinance lending services to the residents of
the southern governorates of Jordan over a period of five years, as well
as building an interactive capacity with the formal financial institutions
through risk-sharing partnerships with commercial banks. In response to
the local community needs, the vision of transforming the project into
a sustainable local corporate entity was finally realized, culminating
with the registration of MEMCC as a Limited Liability Non-Profit Company
in January 2003. In December 2013, MEMCC began operating under the brand
name of Vitas Jordan.