Originally published: April 29, 2008
Source: Grameen-Jameel Pan-Arab Microfinance Limited (Grameen-Jameel)
Grameen-Jameel Pan-Arab Microfinance Limited (Grameen-Jameel) has announced facilitating US$15.3 million in commercial bank loan financing for two of its MFI partners: FONDEP of Morocco and Tamweelcom of Jordan. The 100 million Moroccan Dirhams (US$12.5 million) loan for FONDEP from BMCE Bank in Morocco is the largest leveraged commercial transaction for a Moroccan MFI. It is backed by US$3 million in guarantees split evenly between Grameen-Jameel and Grameen Foundation’s Growth Guarantee program.
In Jordan, a US$846,000 guarantee from Grameen-Jameel will support 2 million Jordanian Dinars (US$2.8 million) in financing for Tamweelcom from Société Générale de Banque - Jordanie. This transaction marks Grameen-Jameel's entry into the Jordanian microfinance market and the beginning of its partnership with Tamweelcom.
To date, Grameen-Jameel has closed more than US$13 million in partial credit guarantees that has been leveraged on average about 2.6 times to raise a total amount of US$35 million in total financing for its partner MFIs. With the addition of Tamweelcom, Grameen-Jameel now serves 12 MFIs in the Arab World.
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