Our Partners
JORDAN
Jordan is a small Arab country with insufficient supplies of water, oil, and other natural resources. Poverty, unemployment, and inflation are fundamental problems, but King Abdallah II, since assuming the throne in 1999, has undertaken some broad economic reforms in a long-term effort to improve living standards.
Jordan’s estimated population is 6,198,677 as of July 2008, making it one of the eight countries in the Middle East with populations below 10 million. The urban population within Amman, Irbid, and Zarqa accounts for 63% of the total population. 14.2% of the population lies below the poverty line.
As of 2007, MFIs in Jordan reached just 20% of the potential market. According to the UNDP, the gender gap for economic empowerment is still unacceptably low. Women have yet to attain tangible benefits in earnings.
Grameen-Jameel entered the market in early 2008 with the country’s first guarantee transaction, which formed the basis of its first partnership with a Jordanian MFI, Jordan Micro Credit Company (Tamweelcom).
Jordan Micro Credit Company (Tamweelcom)
Jordan Micro Credit Company (Tamweelcom): Tamweelcom is a non-profit, Limited Liability Company established in 1999. Although, capitalized by a USAID grant, the company is fully owned by the Noor Al-Hussein Foundation (NHF), an NGO set up by royal decree to improve the quality of life of Jordanian citizens. NHF operates as an independent entity under the umbrella of the King Hussein Foundation.
Tamweelcom has a strong focus on women and the poor. As of December 2008, Tamweelcom had 39,352 borrowers and a gross loan portfolio of US $14.6 million, placing it as the largest MFI in Jordan. It had 12 branches which are located in the capital city of Amman and surrounding areas in the middle region of Jordan. Financially strong, Tamweelcom has been operationally sustainable since 2001 and recorded an Operational Self-Sufficiency of 140% in December 2008. Tamweelcom is the only MFI in the Middle East & North Africa region to earn CGAP’s Financial Transparency Award.
Tamweelcom received an A-/Positive Outlook from Planet Rating in 2007 and was ranked #8 on the 2008 MIX Global 100 Composite list of top MFIs worldwide.
In January 2008, Grameen-Jameel provided Tamweelcom with its first guarantee, a US $846,000 guarantee that Tamweelcom leveraged 3.3x to obtain US $2.8 million in local currency financing. In Q4 2008, Tamweelcom participated in the first Arab Microfinance Investment Symposium in Dubai. www.tamweelcom.org