HM Queen Noor highlights microfinance projects as best tool to break the vicious cycle of poverty and reduce unemployment
AMMAN (Petra) -- Having completed the requirements of a Wholesale Funding Facility (WFF), sponsored by the USAID, the Jordan Micro Credit Company (JMCC) received on Saturday an additional grant totalling $1.5 million to help it disburse loans to more low-income individuals in the country's southern governorates.
Since its establishment in 1999, the company targeted the central and eastern parts of the country. JMCC Chief Executive Officer Khaled Gazawi indicated that the grant will help the company broaden its services.
The JMCC, which operates under the financial sustainability of 115 per cent, graduated from the WFF last May having demonstrated 12 consecutive months of financial and operational sustainability and six consecutive months of independence from WEF guarantees.
The JMCC has already secured a commercial loan from Citigroup as a result of its participation in the WFF.
Her Majesty Queen Noor, who acted as a patron to the JMCC graduation ceremony, highlighted the importance of micro finance projects saying they are considered the best tool to break the vicious cycle of poverty and to assist the impoverished to improve their living standards and to reduce unemployment.
The USAID programme is an innovative mechanism for transitioning the Kingdom's sustainable micro finance institutions to funding their future loan capital requirements from the commercial banking sector.
The programme is implemented by the Achievement of Market Friendly Initiatives and Results Programme which helps with the financing of such projects and the provision of technical assistance and training.
The Noor Al Hussein Foundation, which has been active in the area of microfinance, founded the JMCC, an affiliate non-profit company in 1999 with assistance and funding from the USAID.
Microprojects aim to empower microentrepreneurs and create more jobs throughout the Kingdom.
© Jordan Times 2004
