UNRWA Microfinance Department inaugurated its 9th branch in Russiefa reaffirming its commitment and continuous services to Palestine refugees in Jordan.

The European Bank for Reconstruction and Development, alongside the European Union and the Green Climate Fund, has announced a financing initiative for Jordan's microfinance institution, Tamweelcom, under the Green Economy Financing Program.

The investment aims to allocate the loan proceeds towards climate change mitigation and adaptation technologies, focusing on local MSMEs, including women-led enterprises.

The aim of the investment is to boost competitiveness in the small and medium enterprise finance market while also improving financial inclusion, creating jobs, and supporting the nation's climate goals. 

The agreement outlines the cooperation between Jordanian Hashemite Fund for Human Development and FINCA Jordan in financing productive initiatives, small businesses, and projects across the Kingdom through soft loans.

The investment in the nation's recovering financial sector is part of a wider SME strategy, which aims to help spur a greater range of financial products and services such as psychometric scoring solutions and payment systems reforms.

The credit aims to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal's green, resilient, and inclusive development.

This collaboration will enable the last-mile consumers in Nepal to reap the benefits of an open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments in real-time.

These loans are intended to support 9,100 people, 90 percent of whom are women, whose livelihoods have been threatened by the effects of the COVID-19 pandemic.

At a time when the world economy was hard hit by the ongoing pandemic, improvement in Nepal’s remittances inflow has made it easier for the government to operate.