MICROCAPITAL BRIEF: Grameen-Jameel Loans $1.5m to Jordan Micro Credit Company (Tamweelcom)

jordan micro credit company

Grameen-Jameel Microfinance Limited, a joint venture of the US-based Grameen Foundation and the UK-based Abdul Latif Jameel Foundation, reportedly has provided a loan of USD 1.5 million to the Jordan Micro Credit Company (Tamweelcom), a Jordan-based microfinance institution (MFI). The investment is expected to fund loans to approximately 4,000 micro-entrepreneurs inJordanover an unspecified timeframe. Grameen-Jameel made its first loan to Tamweelcom in 2008 in the amount of USD 846,000.

For the year 2010, Tamweelcom reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 21 million and a gross loan portfolio of USD 19 million with approximately 57,000 active borrowers. As of November 2010, Grameen-Jameel reported working in Egypt, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey andYemen, providing financial guarantees totaling approximately USD 24 million that have facilitated local currency financing of USD 53 million.

By Brendan Millan, Research Associate

About Grameen-Jameel: Grameen-Jameel was established in 2003 and was incorporated in 2007 as a joint venture of the US-based Grameen Foundation and the UK-based Abdul Latif Jameel Foundation. The company forms partnerships primarily with Arab microfinance institutions (MFIs), which it supports by providing loans – for early-stage MFIs – and guarantees – for MFIs seeking to access local-currency commercial loans. As of November 2010, Grameen-Jameel reported working in Egypt, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey and Yemen, providing financial guarantees totaling approximately USD 24 million that have facilitated local currency financing of USD 53 million.

About Jordan Micro Credit Company (Tamweelcom): Established in 1999, Jordan Micro Credit Company (Tamweelcom) is a nonprofit microfinance institution (MFI) based in Jordan. For the year 2010, Tamweelcom reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets

of USD 21 million and a gross loan portfolio of USD 19 million with approximately 57,000 active borrowers.

About Grameen Foundation: The Grameen Foundation, a nonprofit based in Washington, DC, aims to help microfinance institutions throughout the world replicate the joint-liability model of the Grameen Bank ofBangladesh. The Grameen Foundation provides financial, technological and managerial support to provide new business opportunities and telecommunication services for poor people in rural areas. Though it is independent of the Grameen Bank, Dr Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. Grameen Foundation reported total investments of USD 19.0 million and total assets of USD 27.3 million as of March 31, 2011.

About Abdul Latif Jameel Foundation: The Abdul Latif Jameel Foundation (ALJ Foundation) was established in 2009 in the UK to develop and promote a portfolio of “sustainable global projects and solutions” involving training, poverty relief, arts, culture, environment, conservation, heritage, employment, and economic and community development. The foundation is a subsidiary of the Saudi Arabia-based Abdul Latif Jameel (ALJ) Group, a private automobiles and consumer finance company. No financial data for the Abdul Latif Jameel Foundation is available.

Sources and Resources:

MicroCapital.org story, September 26, 2011, “MICROCAPITAL BRIEF: Microfinance Innovation Center for Resources and Alternatives (MICRA) of Philippines to Join Grameen Foundation’s Bankers without Borders Alliance, Organize Volunteer Consultants Working with Microfinance Institutions,”http://www.microcapital.org/microcapital-brief-microfinance-innovation-center-for-resources-and-alternatives-micra-of-philippines-to-join-grameen-foundation%E2%80%99s-bankers-without-borders-alliance-organize-volunteer-consu/

MicroCapital.org story, March 15, 2010, “MICROCAPITAL BRIEF: CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank partner to launch Islamic Microfinance Challenge 2010,”http://www.microcapital.org/microcapital-brief-cgap-deutsche-bank-grameen-jameel-and-islamic-development-bank-partner-to-launch-islamic-microfinance-challenge-2010/

MicroCapital.org story, December 9, 2008, “MICROCAPITAL STORY: Grameen-Jameel and Blue Orchard’s Arab Microfinance Investment Symposium Concludes that Microfinance in Arab World Totals US $5.5 billion”, http://www.microcapital.org/microcapital-story-grameen-jameel-and-blue-orchards-arab-microfinance-investment-symposium-concludes-that-microfinance-in-arab-world-totals-us-55-billion/

Source: www.microcapital.org

Category: Payday loans

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