Jul 13 2011 |
more articles from
|
Grameen-Jameel and Al Karama sign USD 500,000 loan agreement
Grameen-Jameel, the first social business in the Middle East,and the Al-Karama microcredit to promote Moroccan microenterprises, signed aloan agreement of USD 500,000, payable over three years. The loan aims to helpfinance Al Karama portfolio of loans and to support the microcredit sectorin Morocco. The signing took place in Casablanca in the presence of Ms. JuliaAssaad, General Manager of Grameen-Jameel and Mr. Abdelmajid El Gasmi,President of Al-Karama microcredit. The loan agreement, the culmination of sixyears of technical and financial cooperation between the two organizations,aims to help finance the portfolio of Al Karama for 2011 in addition to supportingits growth strategy.
Founded in July 1999 and licensed by the Minister of Financein March 2000 as an association of microcredit, Al-Karama focuses mainly on thepoorest populations and contributes to the development and microcreditfinancing of very small businesses in Morocco. Its mission is to supportincome-generating activities through providing microcredit and technicalservices to micro entrepreneurs, particularly poor women. Al-Karama microcreditcurrently serves nearly 16,000 clients for a total outstanding loan portfolioof USD 5 million, and aims to extend its intervention to reach 60,000 clientsby 2014.
Grameen-Jameel, established in 2003 and incorporated in 2007as a joint venture between Grameen Foundation and ALJ Foundation, is asubsidiary of Abdul Latif Jameel Group . The company alleviates poverty byproviding financial and technical assistance to microfinance institutions. Asof the end of March 2011, Grameen-Jameel has provided USD 3.3 million in loansand financial guarantees of over USD 24 million, which has facilitated localcurrency financing of over USD 53 million. Through its 15 microfinancepartners, Grameen-Jameel has been able to reach and finance over 30 per cent ofmicrofinance clients in the MENA region.
Grameen-Jameel operates in nine countries including Egypt,Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey, and Yemen andsupports the microfinance sector globally.
For Further information, please contact:
Orient Planet PR & MarketingCommunications
P.O.Box. 23345, Dubai, UAE
Tel: +971 43988901
Fax: +971 43988941
Email: media@orientplanet.com
Website: www.orientplanet.com
© Press Release 2011
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment