Apr 29 2008 |
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Grameen-Jameel secures more than $15 million in financing for Microfinance in Jordan and Morocco
Dubai, U.A.E. - Grameen-Jameel Pan-Arab Microfinance Limited (Grameen-Jameel) today announced that it has facilitated $15.3 million in commercial bank loan financing for two of its microfinance institution (MFI) partners: FONDEP of Morocco and Tamweelcom of Jordan. The 100 million Moroccan Dirhams (US$12.5 million) loan for FONDEP from BMCE Bank in Morocco is the largest leveraged commercial transaction for a Moroccan MFI and is backed by $3 million in guarantees split evenly between Grameen-Jameel and Grameen Foundation's Growth Guarantee program. "The exemplary collaboration between the two institutions allows our Foundation to realize the objectives of its mission, which is to allow individuals to become active in the economy and to have hope in the possibility of leading a better life, and that's where this partnership draws its strength and added value," said Zine El Abidine Otmani, Director of FONDEP.In Jordan, an $846,000 guarantee from Grameen-Jameel supports two million Jordanian Dinars (US$2.8 million) in financing for Tamweelcom from Societe Generale de Banque - Jordanie . This transaction marks Grameen-Jameel's entry into the Jordanian microfinance market and the beginning of its partnership with Tamweelcom. "This partnership between the two institutions will strengthen the possible cooperation and the exchange of experience by providing funding sources and building capacities to serve the productive poor and microentrepreneurs in Jordan," said Ziad Al Refai, CEO of Tamweelcom.
"FONDEP and Tamweelcom share our commitment to building more inclusive financial systems throughout the Arab World and we are pleased to support their efforts to expand the economic opportunities available to the poor in Morocco and Jordan," said Heather Henyon, General Manager of Grameen-Jameel.
To date, Grameen-Jameel has closed more than $13 million in partial credit guarantees that has been leveraged on average about 2.6 times to raise a total amount of $35 million in total financing for its partner MFIs. Grameen-Jameel has closed 8 transactions in Morocco, Tunisia, Egypt, and Jordan in the last two years. With the addition of Tamweelcom, Grameen-Jameel now serves 12 MFIs in the Arab World and impacts the lives of more than 200,000 new microfinance clients in Egypt, Jordan, Lebanon, Morocco, Tunisia, Saudi Arabia, and Yemen.
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About Grameen-Jameel
Founded in March 2007 and incorporated in Cyprus with a branch office in Dubai's International Humanitarian City, Grameen-Jameel is an example of the social business concept pioneered by 2006 Nobel Peace Laureate Professor Muhammad Yunus and cited in his recent book, Fighting Global Poverty: Social Business and the Future of Capitalism. The company alleviates poverty in the Arab World by forming strategic partnerships with microfinance institutions and providing support through its products and services as well as financing from its guarantee fund. Grameen-Jameel is a "non-loss" business that recapitalizes its profits rather than distributing them to its shareholders. The company is a for-profit limited company jointly owned by Grameen Foundation and Abdul Latif Jameel Group .
About FONDEP
FONDEP (the Foundation for Local Development and Partnership) was established in 1996 by Mr. Mouatassim Belghazi, the Founding President. Its mission is to finance individuals who have been excluded from the traditional financing system but have income-generating activities. From the beginning, the Foundation has focused on serving rural areas, and financing women as well as young microentrepreneurs. These two groups represent respectively 70% and 55% of its active portfolio. As of the end of 2007, FONDEP had more than 110,000 active clients and an outstanding loan portfolio of about US $ 50 million. The efforts of FONDEP have been recognized on various occasions, with the institution being the first Arab MFI to receive a prize for financial transparency from CGAP in 2005. In 2007 it was ranked 5th in Forbes Magazine's Top 50 MFIs in the world. In addition to the 5 diamonds rating it has received from the Microfinance Information eXchange (MIX) since 2005, FONDEP also has a an A rating from Planet Rating.
About Tamweelcom
Tamweelcom was founded in 1999 as a limited liability non-profit company fully owned by Noor Al-Hussein Foundation (NHF). From the beginning, Tamweelcom's vision has been to reach out to entrepreneurs running or starting their own businesses by providing best practice sustainable financial services in line with its professional values. To date the company has successfully supported and financed more than 74,906 loans (88% of which went to female clients) with an amount of JD 37.8 million (US $54 million). As a result of its work, Tamweelcom recently earned worldwide recognition when it was ranked as one of the 10 top microfinance institutions in the world by the Microfinance Information eXchange in its 2007 MIX Global 100 Composite Ranking. In addition, Tamweelcom has been the recipient of the Merit prize for financial transparency for two years running and, in March 2007, was awarded an A- rating for overall performance by Planet Rating.
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