32606 - Tamweelcom II

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Summary of Investment Information

Project Number

32606

Company Name

THE JORDAN MICRO FINANCE COMPANY

Date SPI Disclosed

Oct 31, 2012

Country

Jordan

Region

Middle East

Projected Board Date

Nov 30, 2012

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Nov 30, 2016

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Dec 19, 2012
Signed : Dec 31, 2012
Invested : Jul 10, 2013

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The project entails a straight senior term loan to Jordan Micro Credit Company “Tamweelcom”, a leading and well-managed microfinance institution in Jordan. The purpose of the loan is to provide Tamweelcom with the needed financing to continue serving and grow its strong client base.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	2.0
Equity

Development Impact

(i)Access to finance: The proposed Project would support Tamweelcom, one of the largest and well managed MFIs focusing on women, expand its outreach and serve a larger number of low-income people in Jordan. Through its well established network of 23 branches in the different areas of the Country, the project would be supporting the company is reaching out to more of the underserved segments of the society and thus expand their business activities and subsequently finance their day to day consumer and family needs.

(ii) Job creation: MSMEs are key contributors to job creation in the Country and accordingly developing a vibrant MSME sector, with reliable access to finance, can play a significant role in private sector led economic growth, generating employment and providing opportunities to the poor.

IFC''s additionality would be in supporting a viable financial institution in Jordan to further improve access to finance to the targeted microfinance segments of the market that will result in a high development impact, especially that women clients represent 96% of Tamweelcom''s borrowers. Building on IFC''s long standing experience in microfinance, IFC will be able to support Tamweelcom to further penetrate the Jordanian microfinance market by providing the needed term funding and help the company to diversify its funding mix. In addition to the loan, IFC will also be providing AS to strengthen Tamweelcom''s risk management capabilities that is key for successful growth. Moreover, this will have a strong demonstration impact as IFC''s presence will (i) encourage local banks, who usually shy away from extending long-term funding, to provide loans for longer periods to MFIs; (ii) provide comfort to other investors given IFC experience in financing MFIs in such markets; and (iii) provide Tamweelcom with the international best practices in microfinancing through the loan and the planned advisory services.

E&S Category Rationale / Risks and Mitigation

This transaction involves a senior straight loan to Tamweelcom, an existing IFC client with satisfactory E&S performance. The client has an established ESMS, appointed an E&S officer and is compliant with PS 2 on labor and working conditions. In addition, the overall portfolio risk is considered to be low; therefore the project been categorized as FI-3 in accordance with IFC’s Environmental and Social Review Procedure. For this project, the Client will be required to upgrade their ESMS to ensure that all loans are screened against the IFC Exclusion List and host country laws.

Contacts

For Inquiries About the Project, Contact

Mr. Ziad Al-Rifai, CEO
Jordan Micro Credit Company –Tamweelcom
Sweilah – Kheir Al Dien Al Maiane Street
P.O. Box 925715 – Amman 11190
Jordan

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