Her Majesty Queen Rania delivers a key-note speech
during the Forum on Microfinance in the Middle East
at the International Finance Corporation

"I know I don’t need to tell this audience what microfinance is. The reason I’m standing with you today is that I’ve seen what microfinance does."

"Over the last 5 years, we have been working to promote microfinance in Jordan. I am proud to say that today we have a number of world class microfinance institutions enabling thousands of people to build better lives for themselves."

"People like Nada -- a 52-year old widow, and client of the Microfund for Women. Nada began with a loan of 150 dinars – a little more than 200 dollars. Today, she’s the owner of not one but two thriving businesses to support her family. With nine consecutive loans behind her, her earnings speak for themselves: a steady income, a savings account, and a priceless new sense of self-worth. She helped her son start a barbershop. She’s a role model for her granddaughter. And she proudly says she’s more determined to work hard than ever before."

"There are many women like Nada in Jordan – each proving every day that microfinance does more than help small businesses grow strong roots. It nourishes capable, resourceful people who are starving for opportunity. It raises their sights. It cultivates their confidence. And it reaps a harvest of hope."

"And our goal today is to spread that harvest across the Arab world. Not merely because it is smart and right, but because it is indispensable. If my region is to build the hopeful future our citizens want and deserve, we need to create almost 50 million jobs in the next five years. That’s a macro-challenge. But microfinance can be a tremendous asset – empowering people to create fulfilling employment for themselves. "

"But to build a bright future for the Arab world, microcredit on its own won’t be enough. We need to establish inclusive financial systems that offer a full range of services -- from savings accounts… to insurance… pensions… remittances… cash transfers… and more – the tools that enable resiliency… income generation… and growth."

"And though the skeptics may say it can’t be done, I believe the poor are bankable. Indeed, the poor are banking on us to throw the doors open wide, enabling access to financial services that all of us here take But to build a bright future for the Arab world, microcredit on its own won’t be enough. We need to establish inclusive financial systems that offer a full range of services -- from savings accounts… to insurance… pensions… remittances… cash transfers… and more – the tools that enable resiliency… income generation… and growth."

"And though the skeptics may say it can’t be done, I believe the poor are bankable. Indeed, the poor are banking on us to throw the doors open wide, enabling access to financial services that all of us here take for granted."

"Microbusinesses frequently earn a rate of return in relative terms that surpasses that of the top Fortune 500 companies. Since the capital requirements of microbusinesses are small in absolute terms, the key is enabling financial institutions to reach enough poor clients to take advantage of economies of scale."

"And around the world, we’re seeing examples of innovation in action – from microfinance institutions transforming into banks themselves… to new banks being created especially to serve poor clients… to commercial banks launching retail microfinance operations."

"Now, we need to accelerate this trend throughout the Arab world. We need a new breed of financial service providers to bridge the gap between non-profit and for-profit institutions – guided by leaders who see true value in a double-bottom line return… where serving shareholders and serving society are not trade-offs but tandem goals."

"And in that spirit, let me set forth a challenge to all of us today – an achievement we can work together to realize in the next five years: Let us commit to expand the reach of microfinance to three million clients in the Arab world."

"The needs are great. The partners are there. And the time to act is now. In this International Year of Microcredit, let us change people’s lives forever. "

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