The Spanish government provided funds of Euro 6 million (USD 8.6 million) to the Microfund for Women, a Jordanian microfinance institution. Under an agreement signed on December 15, 2008 at the Ministry of Planning and International Cooperation, the Spanish Agency for International Cooperation (AECID) provided the Microfund for Women with the funds, providing additional support to the Jordanian microfinance sector, which accounts for approximately 20 percent of the of its gross domestic product (GDP). This is not the first time that the Spanish government has funded Jordanian microfinance in 2008. In February AECID provided the National Microfinance Bank (NMB) with Euro 5 million (USD 7.2 million) and the Micro Credit Company (Tamweelcom) with Euro 4 million (USD 5.74 million).
Microfund for Women (MFW) is a private Jordanian microfinance institution (MFI), registered at the Ministry of Trade and Industry in 1999 as a pilot lending program. It was initiated through Save the Children in Amman in 1994. MFW’s head office is in Amman, but has nine additional branches covering central and northern Jordan. In 2007 it reported total assets of USD 13.9 million with a debt to equity ratio of 100.68 percent and a return on assets of 9.75 percent.
The Spanish Agency of International Cooperation for Development (AECID) was established in 1988 and is a government agency that operates through the State for International Cooperation (SECI). AECID is responsible for the design, operations and management of development and cooperation projects and programmes and has 42 offices globally.
Additional Sources:
AECID: “Home”
The Jordan Times: “Spain extends 6m euros to women microfund”
Ministry of Planning and International Cooperation: “Home”
The Mix Market: “Microfund for Women Profile”
Symbiotics: “Spain extends 9m euros to Jordan’s microfinance companies“
Similar Posts:
- MICROCAPITAL BRIEF: FINCA Microfinance Jordan, JOHUD Partner to Fund Community Businesses
- MICROCAPITAL BRIEF: Seedstars Accepting Applications from Fintechs Offering “Financial Innovations for Women Affected by Migration” Through July 30
- SPECIAL REPORT: Banco FIE of Bolivia Takes $100k “Financial Inclusion that Works for Women” European Microfinance Award 2022
- MICROCAPITAL BRIEF: Luxembourg Invests $25m in First Close of Green Earth Impact Fund, Managed by BlueOrchard, Schroders
- MICROCAPITAL BRIEF: Arab Women Authority, National Bonds Partner on Financial Inclusion for Women in MENA