The European Bank for Reconstruction and Development (EBRD) is increasing its support to Jordanian enterprises, with a senior loan of US$ 2 million to the Specialized Micro Loans Company (‘FINCA Jordan’) for on-lending to micro and small enterprises (MSEs).
FINCA Jordan is an important player in the microfinance industry, contributing to the progress of this sector in Jordan. The EBRD loan will help the company to increase its outreach to MSEs.
This loan is the second by the EBRD to a microfinance institution in Jordan as they are vital for MSEs. Small businesses represent the majority of enterprises in the country, and they play a key role in generating new job opportunities and contributing to overall economic growth.
Francis Malige, EBRD Director of Financial Institutions, southern and eastern Mediterranean region and Turkey, said: “We are very glad to extend our successful cooperation with the FINCA to Jordan to support micro and small enterprises throughout the country. The EBRD has been working with FINCA for several years across a number of our countries of operations and we look forward to fostering MSE lending in Jordan.”
John Yancura, Chief Executive Officer of FINCA Jordan said: “FINCA Jordan is very happy to enter into this partnership with the EBRD. We share the goals of providing more professional financial services to support MSE clients and contributing to Jordan’s economic development. I am confident that the EBRD and FINCA will achieve success in Jordan, as we have in other countries.”
FINCA Jordan was established in 2007. The company is a wholly owned subsidiary of FINCA Microfinance Holdings, an investment subsidiary of FINCA International, a leading international microfinance network and a key partner of the EBRD in a number of countries.