Citi extends $3m local currency loan to Jordan’s Tamweelcom

AMMAN — Citi announced Saturday in a press statement that it has extended  a Jordanian dinar loan, equivalent to $3 million, to Tamweelcom, a renowned microfinance institution in the Middle East and North Africa region, to support the economic advancement of its entrepreneur clients and the expansion of the microfinance sector in Jordan.

"This loan is Citi’s third to Tamweelcom, and is part of the global partnership between Citi Inclusive Finance and the Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, to jointly provide funding to microfinance institutions in emerging markets," the statement said. 

Citi Inclusive Finance works across Citi businesses globally to develop solutions that enable the bank, its clients and partners to expand access to financial services and advance economic progress in underserved market segments.

“Through this partnership, Tamweelcom hopes to support its growing number of clients and develop its outreach,” said Ziad Al Refai, executive director of Tamweelcom. Mayank Malik, chief executive officer Citibank NA Jordan & Iraq, said: “This transaction leverages Citi’s global network, including our long-term partnership with OPIC, as well as Tamweelcom's strength to deliver much needed access to long-term credit in Jordan, hence enhancing the Kingdom's financial inclusion.”