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French Version

JMCC graduates from Wholesale Funding Facility

Greatly enhancing its ability to serve more clients, Jordan Micro Credit Company graduates from the Wholesale Funding Facility (WFF), in a definitive move toward commercialization. In a ceremony held last Thursday under the patronage of Her Majesty Queen Noor, the Jordan Micro Credit Company (JMCC)—a Noor Al Hussein Foundation affiliate company—was the first of the four USAID-funded micro-finance institutions to be graduated from the Wholesale Funding Facility.

“This is a milestone for JMCC proving that by combining social responsibility and capitalism, the micro credit movement can break the vicious cycle of poverty,” Queen Noor told officials and micro-finance institution executives.

“The Noor Al Hussein Foundation, a pioneering Jordanian development organization, adopted micro-finance banking in the late 1970s in order to expand its role as a catalyst and incubator of social development models for the country and the region.

JMCC reflects the Foundation’s objectives to empower the poor, especially women,” added the Queen, noting that since its inception in 1999, JMCC has disbursed more than 11,200 loans to more than 7400 clients, with more than 76 percent women borrowers. Last May, the JMCC was graduated from the Wholesale Funding Facility, having demonstrated 12 consecutive months of financial and operational sustainability and six consecutive months of independence from WFF guarantees.

JMCC has already secured a commercial loan from Citigroup as a result of its participation in the Wholesale Funding Facility. “The efforts of institutions like JMCC lead to hope and self esteem in addition to creating jobs and raising living standards,” said US Chargé d’Affaires, David Hale. “These efforts are creating an entrepreneurial spirit in Jordan and giving life to dreams long held.” The main objective of the Wholesale Funding Facility, which was inaugurated in 2001 by Her Majesty Queen Rania, is to assist micro-finance institutions and build credit histories with commercial banks, creating an alternative to donor funding for their lending capital needs.

Capitalized by $4.2 million in USAID grants placed in an escrow account with Citibank Jordan, the WFF acts as cash collateral that micro-finance institutions can use to guarantee loans from commercial banks. By using the WFF, the micro-finance institutions develop a solid repayment record and relationship with banks replacing the need for collateral as a guarantee.

Once a micro-finance institution meets strict financial and operational criteria and establishes a relationship with a commercial bank, it “graduates” and receives its share of the WFF funds. “Graduating the facility provides more expansion opportunities into the south to serve a larger potential entrepreneurs throughout the country,” said Khalid Al Ghazawi, executive director of JMCC.

Amman,16August2004
Redaction
The Star


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