Grameen-Jameel, a joint venture of the US-based Grameen Foundation and the UK-based Abdul Latif Jameel Foundation, recently announced in its first “partners’ meeting” that it has reached 1.5 million clients through its partner microfinance institutions (MFIs) [1]. Grameen-Jameel, which deems itself a “social business,” supports MFIs by providing loans for early-stage MFIs and guarantees for MFIs seeking to access local-currency commercial loans. As of November 2010, Grameen-Jameel reported working in Egypt, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey and Yemen, providing financial guarantees of approximately USD 24 million that have facilitated local-currency financing of USD 53 million.
Dr Mohammad Yunus, the founder of Bangladesh’s Grameen Bank, was the keynote speaker at the meeting and stated that, “Microfinance is a way of building future generations . . .dark clouds are gathering globally as we see economic challenges, which will not go away. Microfinance is a shining hope, creating light at the end of the tunnel.”
By Nisha Koul, Research Associate
About Grameen-Jameel: Grameen-Jameel was established in 2003 and was incorporated in 2007 as a joint venture of the US-based Grameen Foundation and the UK-based Abdul Latif Jameel Foundation. The company forms partnerships primarily with Arab microfinance institutions (MFIs), which it supports by providing loans – for early-stage MFIs – and guarantees – for MFIs seeking to access local-currency commercial loans. As of November 2010, Grameen-Jameel reported working in Egypt, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Turkey and Yemen, providing financial guarantees totaling approximately USD 24 million that have facilitated local currency financing of USD 53 million.
About Abdul Latif Jameel Foundation: The Abdul Latif Jameel Foundation (ALJ Foundation) was established in 2009 in the UK to develop and promote a portfolio of “sustainable global projects and solutions” involving training, poverty relief, arts, culture, environment, conservation, heritage, employment, and economic and community development. The foundation is a subsidiary of the Saudi Arabia-based Abdul Latif Jameel (ALJ) Group, a private automobiles and consumer finance company.
Sources and Additional Resources:
[1] TradeArabia, “Grameen-Jameel reaches 1.5m clients,” http://www.tradearabia.com/news/BANK_209904.html
MicroCapital.org story, September 26, 2011, “MICROCAPITAL BRIEF: Microfinance Innovation Center for Resources and Alternatives (MICRA) of Philippines to Join Grameen Foundation’s Bankers without Borders Alliance, Organize Volunteer Consultants Working with Microfinance Institutions,” https://www.microcapital.org/microcapital-brief-microfinance-innovation-center-for-resources-and-alternatives-micra-of-philippines-to-join-grameen-foundation%E2%80%99s-bankers-without-borders-alliance-organize-volunteer-consu/
MicroCapital.org story, March 15, 2010, “MICROCAPITAL BRIEF: CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank partner to launch Islamic Microfinance Challenge 2010,” https://www.microcapital.org/microcapital-brief-cgap-deutsche-bank-grameen-jameel-and-islamic-development-bank-partner-to-launch-islamic-microfinance-challenge-2010/
MicroCapital Universe Profile: Grameen-Jameel, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen-Jameel
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