Saudi Arabia

 

Grameen-Jameel Program for Productive Families (PFP)

In a pioneering effort to empower low-income women in Saudi Arabia to improve their lives, Grameen-Jameel launched a micro-credit program in June 2004 that, by year-end, was benefiting 529 women entrepreneurs.

 

With a goal of reaching 2,000 clients by the end of 2005, the U.N. International Year of Micro Credit, the Grameen-Jameel Program for Productive Families (PFP) is poised to become a significant part of the Jameel Group’s long-standing efforts to create jobs for women and men in the Kingdom.

 

The PFP is breaking down entrenched barriers and stereotypes even as it addresses economic hardship in many other countries in the Arab region and beyond.  Among the challenges predicted in the implementation phase was recruiting female loan officers. As it turned out, an astounding 800 Saudi women applied for six positions.  Since its first loan, the program has had 100% repayment.

 

In the second half of 2004 the program disbursed SR. 553,000 to 529 women entrepreneurs.