29811 - Tamweelcom

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Summary of Proposed Investment

Project Number

29811

Company Name

THE JORDAN MICRO FINANCE COMPANY

Date SPI Disclosed

May 13, 2010

Country

Jordan

Industry

Financial Markets

Projected Board Date

Jun 20, 2010

Status

Completed

Sector

Microfinance and Small Business - Non Commercial Banking

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 22, 2010
Signed : Jun 30, 2010
Invested : Oct 15, 2010

Project Description

The project entails a senior term loan to Tamweelcom, a leading microfinance institution in Jordan, to provide it with the needed financing to expand its microfinance activities and initially extend Energy Efficiency/Renewable Energy microfinance loans to its clients. The project also includes an Advisory Services package to assist Tamweelcom in product development and roll-out, training of loan officers, and putting in place policies and procedures for the new products.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.0
Equity

Development Impact

(i) The Project would support the launching of a new Energy Efficiency product through a leading microfinance institution for the benefit of low income people in Jordan to allow them to use cleaner and renewable sources of energy (solar energy). (ii) Tamweelcom would be the first MFI in Jordan to offer such an innovative product that would contribute positively to its market position. (iii) IFC will provide long term funding to enable the Company to continue supporting, and further grow its clients’ base. The social and economic impacts would be high especially that women borrowers represent 90% of Tamweelcom's clients. (iv) The planned AS will strengthen Tamweelcom internal capacity and enhance the loan officer’s skills in promoting such products. (v) Social and economic implications by lowering monthly energy bills for end-users of the solar panels.

Through this project, IFC will support introducing a new highly developmental energy efficient product to low-income households in Jordan. IFC will not only be providing long term funding but IFC shall also be providing a comprehensive package to help develop the Product and build internal capacities. The investment component would assist the Company in extending micro EE/RE product and the AS component would ensure the successful development and roll-out of the product. This product will be the first product of this type offered by an MFI in Jordan and its success will have strong demonstration effect throughout the microfinance sector not only in Jordan but also in other Neighboring countries.

This project involves IFC support for the business of Microfinance, and has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. Considering the nature of activities supported, the project will be required to:
· Develop a procedure relevant to its business process, prior to disbursement, that is satisfactory to IFC, and that ensures that all its investments are screened and processed to avoid supporting activities on the Microfinance exclusion list
· Identify qualified persons to manage and implement the procedure
· Commit to implement the procedure
· Submit a periodic report to IFC as per a format to be provided by IFC

Contacts

For Inquiries About the Project, Contact

Mr. Ziad Al-Refai - CEO Tamweelcom Sweileh – Kheir Al-Dein Al-Maiane Street P.O.Box 925715, Amman 11190 - Jordan Tel: +962-6-5354336/7/8 Fax: +962-6-5354328 ziadalrefai@tamweelcom.org www.tamweelcom.org

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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