Foundation for International Community Assistance (FINCA) Board of Directors in Jordan
Queen commends FINCA International’s support for low-income entrepreneurs
(Jordan Times - Amman) Her Majesty Queen Rania on Monday highlighted the importance of the Foundation for International Community Assistance (FINCA International) and its efforts to improve the standard of living of the low-income bracket.
Queen Rania, a member of FINCA International’s board of directors, made the remarks during the foundation’s annual board meeting, which was held in Jordan for the first time in appreciation of the Kingdom’s and the Queen’s efforts to provide an appropriate climate for micro-loans.
During the meeting, attended by FINCA Board Chairman Robert Hatch and CEO Rupert Scofield, board members presented a briefing on the FINCA’s projects in various parts of the world.
They also highlighted the foundation’s future plans, which seek to increase the number of beneficiaries and reach more members of different community brackets.
FINCA Jordan, which was officially launched in November last year, has three branches located in Abdali, Hitteen and Zarqa, in addition to market offices in Zeziya and Deir Alla.
“It’s hard to believe a year has gone by since the FINCA Jordan launch. And yet, it’s even more amazing to see how much has been accomplished in this short time,” the Queen said in her welcome speech at a lunch banquet she hosted in honour of FINCA board members yesterday.
“In just its first five months, FINCA Jordan gave out more than 5,000 micro-loans - supporting endeavours from sewing collectives to produce stands to a goat farm,” the Queen added, thanking the foundation.
She also highlighted FINCA Jordan’s role in transforming the lives of many entrepreneurs, especially women.
“We want the programme to keep growing too - reaching more clients, offering more financial services, attracting more capital resources… and becoming a model for other programmes throughout the entire Middle East.”
FINCA Jordan’s microfinance programmes put capital directly into the hands of low-income entrepreneurs so they can create jobs, build assets and improve their families’ standard of living.
FINCA Jordan is FINCA International’s second programme to open in the Greater Middle East region after FINCA Afghanistan.
FINCA Jordan offers four core loan products: A women’s group solidarity loan and three individual loans, micro-loans, youth business start-up loans and an SME collateralised loan.
All individual loans are offered as either commercial or murahaba loans, so that clients can decide which lending methodology they prefer. The latter are based on Islamic principles of cost plus financing.
Her Majesty co-chairs FINCA International’s multiyear Village Banking Call to Action Campaign, designed to serve one million clients by 2010 through 100,000 village banks in the Greater Middle East, Africa, Eurasia, Central Asia and Latin America.
Providing financial services to the world’s lowest-income entrepreneurs, FINCA International helps them create jobs, build assets and improve their standard of living.
For more than 20 years, the organisation has been committed to breaking the cycle of poverty by providing community-based credit and savings opportunities.
Based in Washington, DC with local operations across 21 countries serving more than 680,000 clients, FINCA’s outreach is among the broadest and most comprehensive of today’s microfinance networks.
Queen Rania's official website
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