JORDAN MICRO FINANCE COMPANY LTD (FMO-55303)

Countries
  • Jordan
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 19, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Tamweelcom
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1.27 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported JOD 0.90 MLN
Converted using 2019-06-19 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 3, 2020


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Project Description

According to bank documents, FMO's Risk Sharing Facility and Capacity Development ("CD") support, enables Tamweelcom to finance Syrian refugee entrepreneurs and share the credit risk. FMO is unique in its offering as there are no guarantee programs, combined with CD, available to serve this group.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

Tamweelcom, which was established in 1999, is the 3rd largest MFI in Jordan. Its mission is to improve the economic productivity in Jordan, through providing a variety of responsible financial solutions to licensed, semi-licensed, and non-licensed micro and small businesses, which represent a wide majority of economic activities. One of its target groups are youth and women entrepreneurs, which will be expanded to Syrian refugee entrepreneurs. Tamweelcom has a strong position via its 36 branches across Jordan, particularly in the smaller urban areas.

Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism