The EIB reinforces its partnership with Microfund for Women to improve women’s access to finance in Jordan

The European Investment Bank (EIB) and Jordan’s leading Microfinance institution, Microfund for Women (MFW), have signed a USD 5 million-loan agreement to boost microenterprise’s access to finance, mainly female entrepreneurs, self-employed individuals, sole proprietors ad micro entrepreneurs groups including female Syrian refugees in urban and rural areas of Jordan. The EIB credit line will be part of supporting up to 146 thousand beneficiaries of which 96% will be dedicated for female borrowers.

The loan was signed under the Southern Neighbourhood Microfinance Facility (SNMF) – a EUR 71.3 million lending facility which supports investments in microfinance markets in Southern Neighbourhood countries. The facility blends EIB’s own resources with the European Commission resources under the Neighbourhood Investment Facility.

This is the second EIB loan to MFW. In 2014 the EIB provided an amount equal to EUR 2 million to the Jordanian institution. The loan has been contributing to support poverty reduction and social inclusion through the promotion of decent work conditions and access to essential services, including funding, for Jordanian citizens.

Commenting on the new loan, EIB’s Vice-President Dario Scannapieco said: “Giving women an opportunity to start up their micro-business is a crucial factor in supporting entrepreneurship. The USD 5 million loan for MFW confirms our commitment to support financial inclusion and entrepreneurship in Jordan.”

“The operations of MFW not only will improve Jordanian women’s access to finance and develop their micro-enterprises, but it will help also female Syrian refugees to achieve economic self-reliance,” added EIB’s Vice-President Ambroise Fayolle. “In the EIB we are proud that our finance in Jordan covers all sectors and reaches all beneficiaries to improve the overall economic resilience of Jordanian economy.”

Original source: EIB
Published on 14 November 2018