BOP Tamweelcom (IFC-45509)

  • Jordan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 31, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 29, 2022

Disclosed by Bank Aug 3, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the proposed project includes an investment in local currency of up to US$5 million to Jordan Micro Finance Company (“Tamweelcom” or the “Company”) in the form of a senior term loan with a maturity of three years and a grace period of one year. The project is processed under IFC’s Base of the Pyramid Program. The proceeds of the loan would be utilized by the Company to support its lending program to micro and very small enterprises.

IFC has an approved advisory engagement with Tamweelcom to: (i) implement the Company’s Digital Financial Services (DFS) strategy; (ii) further develop its risk function; (iii) refine and improve its product offering; and (iv), develop a strategic business plan. In doing so the project ultimately aims to strengthen the institution as a whole and increase and expand its outreach. 
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The project consists of an investment of up to US$5 million in the form of a local currency senior term loan with maturity of three years and a grace period of one year. The project is processed under IFC’s Base of the Pyramid Program, US$400 million facility to support NBFIs and Microfinance Institutions through pandemic recovery.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Tamweelcom was established in 1999 as a non-profit limited liability company. The Company was named the “Jordanian Company for Financing Micro Enterprises” at the establishment, and in 2018, Tamweelcom was licensed by the Central Bank of Jordan under the microfinance regulatory framework and changed its  name to “Jordan Micro Finance Company “. The Company is wholly owned by Noor Al-Hussein Foundation, an NGO founded by a Royal Decree in 1985 as an implementing arm of the King Hussein Foundation (“KHF”)’s community development initiatives to support low-income entrepreneurs in the remote areas.

Over the years strengthened its market position and grew to be one of the leading MFIs in Jordan operating through 39 branches covering all regions and main populated areas of the Kingdom. By 2020, Tamweelcom was serving 90,000 borrowers (80% women) with a gross loan portfolio of US$74.7million, representing market share of 20% and 21%, respectively.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Jordan Micro Finance Company “Tamweelcom”
Basem Khanfer
Chief Executive Officer
+962 6 5354 337/8 Ext. 101 
Jureisat Center 2, No 29 King Abdullah II Street – Al Muwasafat Wa Al Maqayees, Kheirdine Maani street, 11190, Amman, Jordan 


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