Jordan Times
Tuesday, February 26, 2008
Queen highlights power of
microfinance, tours FINCA Jordan microbusinesses
AMMAN (JT) - Her Majesty Queen Rania on Monday paid a surprise visit to eight
FINCA Jordan microfinance clients, who operate small businesses in Zeziya, to
demonstrate her ongoing support for the power of microfinance to improve the
lives of families in Jordan and in other developing countries around the world.
Queen Rania, who brought the expertise and finances of FINCA International to
Jordan, announced the expansion of FINCA to Jordan during the launch of an
international campaign last May.
FINCA Jordan’s programme, which was officially launched in November last year,
has three branches located in Abdali, Hitteen and Zarqa, and now, its first
market office in Zeziya.
“Microfinance helps unlock the productive capacities of millions around the
world by giving them the means to turn a good idea into a job. It’s especially
effective for women, who make up the majority of the world’s poor,” the Queen
said, as she toured the microbusinesses.
Queen Rania, a long-time supporter of microfinance and member of FINCA
International’s board of directors, met a number of FINCA Jordan clients to
highlight how access to a small amount of capital is helping people like Nemah
Jahran (Um Khaled) and her neighbours provide an improved lifestyle for their
families, while helping uplift the entire community.
Um Khaled, who lives in Zeziya’s Al Talbiya refugee camp, has long run a small
agricultural business focused on raising and selling goats to help support her
family.
The 54-year-old, who learned about FINCA Jordan soon after the programme opened
in the camp, joined the Al Nemaa (the Blessing) Village Bank group and took out
her first FINCA loan of JD300 in early January, which she used to expand her
business by purchasing several young goats.
Expressing her gratitude for the organisation’s support, Um Khaled said she is
confident that FINCA loans will help her successfully build the business and
boost profits, enabling her to provide a better future for her seven children.
FINCA Jordan’s microfinance programmes put capital directly into the hands of
low-income entrepreneurs so they can create jobs, build assets and improve their
families’ standard of living.
“With repayment rates of over 98 per cent, microfinance is a win-win
proposition. It’s not charity: It’s a sound investment,” the Queen said.
FINCA Jordan is FINCA International’s second programme to open in the Greater
Middle East region after FINCA Afghanistan.
Executive Director Rupert Scofield said it has long been the desire of FINCA
International to bring microfinance services to the region, focusing service
provision on segments of the population not reached by traditional microfinance
service providers.
He thanked the Queen for her ongoing dedication in helping FINCA achieve its
mission, noting that she has “long been supportive of our efforts to reach out
to low-income entrepreneurs in the developing world”.
“As we sought to secure funding for our FINCA Jordan programme, Her Majesty
encouraged us in our efforts. We are honoured that she could be with us today as
we dedicate ourselves to providing the citizens of Zeziya with the products and
services that will enable them to provide a more secure future for their
families,” Scofield said.
Her Majesty was also joined by FINCA Jordan Programme Director Edward Greenwood,
FINCA Jordan Abdali Branch Manager Samer Abu Dalu, and FINCA Jordan Zeziya
Credit Officer Mira Al Khader, as well as Betsy Ross, FINCA International
advisory board member and supporter of FINCA Jordan.
FINCA Jordan has grown rapidly during its first three months of operation,
disbursing more than 2,000 microloans, nearly all of them group loans.
Women account for 98 per cent of all loan recipients, a strong indication that
they are major contributors to their families’ well-being in the Kingdom.
The programme will open its fifth branch in Deir Alla region, where it will make
financial services available to the more than 60,000 inhabitants of 10 villages
that make up the region.
FINCA Jordan currently offers four core loan products: A woman’s group
solidarity loan and three individual loans; microloans, youth business start-up
loans, and an SME collateralised loan.
All individual loans are offered as either commercial or murahaba loans, so that
clients can decide which lending methodology they prefer. The latter are based
on Islamic principles of cost plus financing.
FINCA Jordan plans to join many of the network’s other programmes in offering
credit/life, and permanent disability insurance products.
Her Majesty co-chairs FINCA International’s multiyear Village Banking Call to
Action Campaign, designed to serve one million clients by 2010 through 100,000
village banks in the Greater Middle East, Africa, Eurasia, Central Asia and
Latin America.
Providing financial services to the world’s lowest-income entrepreneurs, FINCA
International helps them create jobs, build assets and improve their standard of
living.
For more than 20 years, the organisation has been committed to breaking the
cycle of poverty by providing community-based credit and savings opportunities.
Based in Washington, DC with local operations across 21 countries serving more
than 680,000 clients, FINCA’s outreach is among the broadest and most
comprehensive of today’s microfinance networks.
For more information visit www.villagebanking.org.