Provision of a senior unsecured loan to Microfund for Women ("MFW") of up to USD 2 million, of which up to USD 1.5 million to be provided by EBRD and up to USD 0.5 million by the Green Climate Fund ("GCF") under the GCF-Green Economy Financing Facility ("GEFF") Regional Framework.
The proceeds of the Loan will be used to finance investments in climate change mitigation and adaptation technologies by local micro, small and medium enterprises, including women-led, in line with the standards and reporting requirements for GEFF in Jordan.
ETI score: 70
The project will support the Green TI quality by contributing to the objective of the GCF GEFF Jordan Programme by facilitating the direction of funding towards climate mitigation and adaptation technologies and services that will drive the transition to environmentally sustainable, low-carbon and climate-resilient economies.
MICROFUND FOR WOMEN
Microfund for Women ("MFW") is the largest microfinance institution in Jordan with more than 141,000 active clients through its 63 branches across Jordan. MFW was established in 1996 by the prominent Jordanian businessman Ghiath Sukhtian and the US-based NGO Save the Children.
EBRD Finance Summary
Up to USD 2 million, out of which up to USD 1.5 million to be provided by EBRD and up to USD 500,000 to be co-financed by Green Climate Fund ("GCF").
Total Project Cost
The project offers a combination of longer-term financing and technical expertise into a package that promotes targeted investment in sustainable energy in Jordan in a gender-responsive way.
Environmental and Social Summary
Categorised FI (ESP 2019). MFW has been satisfactorily implementing the Bank's E&S requirements under existing exposure and has submitted regularly Annual Environmental Reports. The bank will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9, apply the EBRD's E&S Risk Management Procedures for SME and Micro Loans and report annually to the EBRD on implementation of the Procedures and the PRs.
Technical Cooperation and Grant Financing
Microfund for Women is expected to benefit from the support of the grant resources from the European Union, Green Climate Fund and EBRD SSF. Donor funds will support a comprehensive technical assistance programme on a programme level to provide implementation support to Microfund for Women and its customers, and verification of the outcome of completed projects. A non-TC grant from the EU is also expected to provide investment incentives to end borrowers. The facility is also supported by the European Union under its Initiative for Financial Inclusion (Neighbourhood Investment Facility - SEMED Financial Inclusion Programme).
Company Contact Information
+962 65 666 100
Arar Street, Wadi Saqra Building 238B
PSD last updated
07 Apr 2022
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