Posted on November 10, 2008 - by James

Code of Ethics Signed at Jordanian Government Ceremony

Figures released by Jordan’s Planning Ministry indicate that over 120,000 citizens have borrowed from local microfinance institutions (MFIs) with loans outstanding at JD 65 million, the dollar equivalent of over USD 91 million.  Specifically, 7 Jordanian MFIs were recognized at a Ministry ceremony where each signed a code of ethics governing this joint effort.

The MFIs include: the Microfund for Women, a non-profit MFI with a loan portfolio of JD 52 million, the dollar equivalent of over USD 73 million; Alwatani (National Microfinance Bank), a non-profit, private shareholding company;  Al-Ahli Microfinance Company, a subsidiary of the USAID-Jordan program “Access to Microfinance & Improved Implementation of Policy Reform” (AMIR); Tamweelcom, a non-profit LLC owned by the Noor Al-Hussein Foundation and with funding of JD 2.5 million, the equivalent of USD 3.5 million; Middle East Microcredit Company, an MFI with a loan portfolio of USD 11 million;FINCA-Jordan, the Foundation for International Community Assistance’s second branch in the Middle East; and theDevelopment and Employment Fund (DEF), an MFI with a loan portfolio of USD 45 million… [click here to read the rest of this article...]