AMMAN (JT) -- His Majesty King Abdullah on Tuesday underlined the need to continue developing and supporting the Development and Employment Fund (DEF) due to its significant contribution to combating poverty and unemployment.
During a visit to the DEF yesterday, which included a meeting with the fund's board of directors, King Abdullah expressed his appreciation for the achievements of the fund, which was established in 1989 and has since extended financial support to around 48,000 citizens who initiated projects that created 65,000 work opportunities.
The King said DEF's success inspires further efforts to enhance citizens' living conditions, particularly in poverty pockets, to reduce unemployment, develop local communities and improve social welfare.
Prime Minister Samir Rifai, who heads the fund's board, along with the concerned ministers, highlighted the programmes developed by the government to enhance the DEF's performance and expand its umbrella to include a larger number of beneficiaries.
DEF, named by Forbes Magazine as one of the top 50 microfinance institutions, supports the principles of self-employment and invests in individuals seeking to improve their skills in order to obtain jobs or start their own businesses.
King Abdullah also visited the fund's customer service centre and listened to a briefing from Director General Omar Omari, who highlighted the financial services offered by the DEF and the procedures it follows in granting loans.
Omari indicated that the fund presented loans worth JD13 million this year to fund 7,000 projects that created 8,000 work opportunities, adding that the fund is committed to attracting new segments of society and improving young people's living standards by providing them with vocational training.
He said the fund has implemented 24 training courses for 430 participants in poverty pockets since the beginning of the year.
The fund's budget stands at JD64.5 million, while its credit portfolio amounts to JD44 million, according to the DEF.
© Jordan Times 2010
