Grameen-Jameel Initiative secures $2.7 Million for FONDEP

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Jan 2007
Morocco , January, 02 2007 - First Grameen-Jameel Initiative guarantee transaction in Morocco expands efforts to help the poor and strengthens relationship with local banks

The Grameen-Jameel Initiative, an innovative partnership between Grameen Foundation and the Abdul Latif Jameel Group to promote poverty reduction through microfinance in the Arab World, has engineered almost US$2.7 million in funding for FONDEP of Morocco. The loan from Attijariwafa Bank, a local bank, is backed by a US$888,000 guarantee ($444,000 each) from the Grameen Foundation Growth Guarantees Program and the Mohammed Jameel Guarantee Fund.

Headquartered in Rabat, FONDEP is the first Moroccan microfinance institution to benefit from a Grameen-Jameel Initiative guarantee transaction; this allows MFIs to access funding in their local currency.



 

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