FINCA Jordan launches Youth Financing Project
AMMONNEWS-The United States Agency for International Development (USAID) and the Foundation for International Community Assistance (FINCA) Jordan Tuesday signed an agreement to launch Youth Financing (YF) project to help enhance micro and youth business environment as part of USAID country’s initiative for reducing poverty.
Under the agreement, FINCA proposes to ensure that the most disadvantaged segments of the population are able to reap economic benefits through microfinance, by providing technical assistance to the USAID in addressing challenges Jordan is facing in increasing the number of jobs available to Jordanians, enhance competitiveness of the private sector and empowering the youth aged 18 to 26.
In a statement released today, FINCA said it proposes to develop a Youth Finance project and offer practical business training for disadvantaged youth in Jordan. The project will refine an already existing Sharia-compliant youth loan product and will offer it as an optional component to its full menu of loan products including Individual Loans, Micro Group Loans and SME loans.
The project is expected to disburse 900 loans in two years to disadvantaged youth throughout Jordan including Amman, Mafraq and Northern Shuneh.
About 98% of FINCA’s clients in Jordan are women, who are expected to be the primary beneficiaries of the Youth Financing (YF) project. FINCA has extensive experience servicing the underprivileged female sector of the population and in developing this program, thus it will take into account the unique needs and circumstances of young women in Jordan. FINCA started operations in Jordan in 2007, and aims to expand its operations in targeted under-served areas in the kingdom where there are wide spread Poverty Pockets. FINCA Jordan team are committed to maintaining their corporate mission to implement sustainable and long-term solutions to the needs of clients. As of July 2012, FINCA Jordan has 15,000 active borrowers served from branches in Amman, Zarqa, Sahab, Zeizya, Jerash, DeirAlla, and Northern Shuneh.