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IFC Investment Helps Expand Access to Finance for Small Businesses in Jordan


In Cairo:
Riham Mustafa
Phone: +20 2 2461 4230
E-mail:
RMustafa@ifc.org


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 financing shortfall.


“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 Jordan.


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.  


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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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.


www.vitasjordan.com
www.facebook.com/vitas-jordan