45509 - BOP Tamweelcom

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Summary of Investment Information

Project Number

45509

Company Name

THE JORDAN MICRO FINANCE COMPANY

Date SPI Disclosed

Aug 3, 2021

Country

Jordan

Region

Middle East

Projected Board Date

Aug 31, 2021

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jul 17, 2025

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Mar 29, 2022
Signed : Jun 6, 2022
Invested : Jul 19, 2022

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed project includes an investment in local currency of up to US$5 million to Jordan Micro Finance Company (“Tamweelcom” or the “Company”) in the form of a senior term loan with a maturity of three years and a grace period of one year. The project is processed under IFC’s Base of the Pyramid Program. The proceeds of the loan would be utilized by the Company to support its lending program to micro and very small enterprises.

Associated Advisory Engagement

IFC has an approved advisory engagement with Tamweelcom to: (i) implement the Company’s Digital Financial Services (DFS) strategy; (ii) further develop its risk function; (iii) refine and improve its product offering; and (iv), develop a strategic business plan. In doing so the project ultimately aims to strengthen the institution as a whole and increase and expand its outreach.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	5.0
Equity

Development Impact

(i) Assessment of project outcome: Stakeholder Effects: Improved access to and quality of finance for MSMEs, many of which are women informal microentrepreneurs and MSMEs have been severely affected by the lockdowns, increased uncertainty, and a slow-down in economic activity in the wake of the pandemic. (ii) Contribution to Market Creation: IFC anticipates that the project will support resilience amongst BOP finance providers by providing local currency financing in the country to support lending to micro and small enterprises, thus helping the sector deal with the growing risk, resulting from the COVID-19 crisis.

(i) Financing Structure: The Project will support Tamweelcom with 3-year term local currency financing, support the MFI during the COVID-19 crisis with more stable funding for the MFI given that funding available by local banks to MFIs are predominantly overdrafts and revolving loans (ii) Knowledge, innovation and capacity building: IFC will share its expertise and knowledge in the MSME finance space to help Tamweelcom execute its digital finance strategy (DFS) specifically targeted towards women in order to further expand its reach to the WMSME sector. AS will be built into the project to support Tamweelcom implement its DFS strategy, further strengthen its risk management framework, diversify its product offering with a focus on business lending as well develop its five-year Strategic Business Plan to guide its next phase of growth.

E&S Category Rationale / Risks and Mitigation

The project involves a senior loan to Tamweelcom, a microfinance institution (MFI) to support on-lending to micro and small enterprises, primarily in the commercial, trade, services, and industrial sectors. The environmental and social risks of the overall portfolio of the MFI are considered to be low and carry minimal or no adverse environmental and social impacts. The project has been provisionally classified as category FI-3 according to the IFC’s Sustainability Policy. The Project will not support coal-related activities, or higher risk business activities that may include: a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or d) significant occupational health and safety risks. Tamweelcom is an existing IFC client with an existing simplified ESMS which was updated in 2018. The ESMS outlines E&S applicable requirements as well as project categorization guidelines, a screening form for loans (based on low and medium risk), and E&S roles and responsibilities of the risk management team overlooking ESMS implementation. Tamweelcom will continue to implement the existing Environmental and Social Management System (ESMS) to ensure that all loans are screened against the IFC Exclusion List and meet requirements of the applicable environmental and social national laws and regulations in Jordan. Tamweelcom’s HR procedures are largely in line with IFC’s Performance Standard 2 on Labor and Working Conditions. Tamweelcom will be required to meet basic Life & Fire safety requirements and will develop and implement a fire emergency plan across its different branches.

Contacts

For Inquiries About the Project, Contact

Jordan Micro Finance Company “Tamweelcom”
Basem Khanfer
Chief Executive Officer
+962 6 5354 337/8 Ext. 101
Khanfarb@tamweelcom.org
Jureisat Center 2, No 29 King Abdullah II Street – Al Muwasafat Wa Al Maqayees, Kheirdine Maani street, 11190, Amman, Jordan
www.tamweelcom.org

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