Jordan

Economy: With a population of 5.8 million in 2006 and a fast growth rate of 2.49% (2006), Jordan faces real challenges in health, education and social service development. The Jordanian labor force is characterized by high unemployment––officially estimated at about 15%, with unofficial estimates as high as 30%. Unemployment manifests itself along gender, age, and skill dimensions, with more women than men unemployed and younger and less skilled workers among the ranks of the unemployed. Women’s unemployment rate, at 25%, is higher than the rate for males, which is 15%.

Jordan has insufficient supplies of water, oil, and other natural resources. Over 1.8 million Palestinian refugees as well as between 700,000 and one million Iraqis who have fled their country currently reside in Jordan. An additional 160,000 Palestinians from the West Bank settled elsewhere in Jordan when Israel took control of the region in the 1967 Arab-Israeli War. Poverty and unemployment are fundamental problems, exacerbated by Jordan’s large population of refugees.

Climate for microfinance:
• The Jordanian royal family is very supportive of the MF sector and encourages the financial sector to continue to reach down lower and deeper in terms of client outreach.

On November 18, 2007, FINCA International launched its newest program in the Greater Middle East at which time seven Jordanians received their first microloans during an inaugural ceremony at the FINCA Jordan headquarters office in Abdali, Amman. The FINCA staff was on hand to congratulate the clients, and celebrate this landmark in FINCA's history.

FINCA Jordan has grown rapidly. Nearly all of the loans are Village Bank Group Loans, with women accounting for 98 percent of all loan recipients, a strong indication that women are major contributors to their families’ well being in Jordan. FINCA Jordan currently has three branch offices in Abdali, Hitteen and Zarqa, and has opened its first rural branch in Zeziya, on the outskirts of Amman, in the midst of the Al Talbieh Refugee camp, where it is the only MFI providing financial services to a community with tremendous need.