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A Memorandum of Understanding between JOHUD and FINCA Jordan for Microfinance

13 ,Jun 2023

The Jordanian Hashemite Fund for Human Development (JOHUD) and FINCA Jordan for Microfinance signed a memorandum of understanding to cooperate in implementing their goals related to supporting local communities and contributing to their economic development.


According to the agreement, which was signed by the Executive Director of JOHUD, Farah Daghistani and the CEO of FINCA Jordan, Abduqodir Sattorov, at the Queen Zein Al Sharaf Institute for Development (ZENID) in Al-Hashimi in Amman, the two parties will cooperate in supporting and financing productive initiatives, companies, and small projects in various regions of the Kingdom through soft loans.


Daghistani said that the memorandum comes within the framework of the efforts undertaken by "JOHUD" as a leading national institution to contribute to achieving sustainable human and economic development on a local level by increasing the economic participation of individuals, particularly women, in the labour market.


She added that the memorandum reflects the interest of the two parties in alleviating poverty through economic empowerment of various groups and segments of society, in addition to supporting and financing male and female entrepreneurs. In this context, she pointed out the vast experience of "JOHUD" over the years in addressing local communities’ needs.


During the meeting for signing of the agreement, Daghistani presented the role of "JOHUD" in supporting and achieving community, human, and economic development for Jordanians and non-Jordanians through interventions and programmes implemented through its network of 51 centres spread across the governorates and districts of the Kingdom, including employment centres, women's digital centres, community support centres, and innovation labs. The aim is to provide sustainable livelihoods and enhance community participation in public life.


She explained that JOHUD continuously seeks to develop and ensure the continuity of its interventions in innovative ways, shifting from emergency aid to interventions that promote self-reliance and developing the capabilities of the target groups in developing and expanding their projects for the benefit of individuals, families, and society as a whole.


In turn, Sattorov stressed the importance of the new partnership between FINCA Jordan and the Jordanian Hashemite Fund for Human Development (JOHUD), which stems from their interests in achieving comprehensive and sustainable community development. He praised the significant role played by JOHUD in this field.


He mentioned that FINCA Impact Finance is a global international network with headquarters in Washington, DC. FINCA Impact Finance reaches more than 2.6 million clients through its 17 subsidiaries in Africa, Eurasia, the Middle East, Latin America and the Caribbean. The network’s outreach is among the broadest and most comprehensive of the world’s leading microfinance networks.


With the mission of alleviating poverty through lasting solutions that help people build assets, create jobs and raise their standard of living, FINCA Impact Finance aims at being an unconventional community-based bank that profitably and responsibly provides innovative and impactful financial services to enable low-income individuals and communities to invest in their futures.


Sattorov indicated that FINCA Microfinance Company started its work in Jordan since 2007 and last year celebrated 15 years anniversary of providing responsible financial services in Jordan. Invested in the future of more than 250,000 customers by disbursing almost 0.5 billion U.S. dollars in loans over that time, through 15 branches across the Kingdom.


FINCA also has demonstrated a strong commitment to gender equity, as ninety percent of FINCA Jordan’s customers are women.


The CEO and members of the FINCA Jordan’s delegation toured the Queen Zein Al Sharaf Institute for Development (ZENID) departments, units, and facilities and were briefed on the nature and objectives of the programmes and interventions implemented by the Fund in various fields.


It is noteworthy that FINCA Jordan is part of the FINCA Impact Finance Network and is officially registered as a non-profit institution in the Ministry of Industry, Trade, and Supply, aiming to develop a sustainable microfinance industry.

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