The European Investment Bank (EIB) has provided €2.7mn ($3.3mn) to Microfund for Women in Jordan to boost financing of micro-enterprises during and after the coronavirus (COVID-19) pandemic. The new financing is expected to support around 9,100 new beneficiaries, more than 90% of whom will be women, with the remainder targeting youth.
This new financing is a top-up of the €4.1mn ($5mn) financing agreement signed in November 2018 to provide microloans to micro-entrepreneurs running income-generating activities in both urban and rural areas, including self-employed individuals, sole proprietors and micro-entrepreneur groups.
Microfund for Women plans to use part of the new financing to offer new solutions to beneficiaries such as refinancing and rescheduling, in addition to empowering them in rebuilding their businesses by helping them secure various new marketing channels. EIB funding will also be used to attract young entrepreneurs and women interested in setting up new projects.
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