Upon the successful implementation of Nuqul Group’s “Invest in Micro” Fund in Al Koura district and building on the success of its partnership with Shabakat Al Ordon, Nuqul Group hosted a number of private sector companies who committed to replicate the “Invest in Micro” proven model across different poverty pockets in Jordan.
During the event, Ghassan Nuqul, Vice Chairman of Nuqul Group, Nidal Eses, Chief Executive Officer of Nuqul Group, Samih Toukan and Hussam Khoury, founders of Jabbar Internet Group, Yousef Fanous, Chief Operations Officer of Pharmacy One, Fadi Ghandour, founder and CEO of Aramex; and Maher Kaddoura, founder of Al Jude, each committed to establish an “Invest in Micro” Fund; thus totaling 7 funds in 2010.
To establish a fund, partners commit amounts ranging between 10,000 and 150,000 JD. Then Shabakat Al Ordon builds the capacity of local community members allowing them to pitch their ideas to the fund’s investment committee. Upon listening to the ideas, partners decide to invest amounts between 1,000 to 3,000 JD per micro-venture, following which each venture will be incubated and mentored in a model that ensures those ventures start producing and selling in 6 months.
The impact of a sample 30,000 JD “Invest in Micro” Fund starts with touching 300 people, training 60-70 micro-entrepreneur, investing in 20-25 micro-ventures, creating 40-60 jobs, and providing for the needs of 300 - 400 dependants.
On this occasion, Ghassan Nuqul, Nuqul Group’s Vice Chairman, and Nidal Eses, Chief Executive Officer both said: “When we first chose our social responsibility theme in 2007; we had a mission of creating an innovative practical model summarizing our learnings, successes and challenges in Al Koura to be emulated and implemented in different areas in a ripple effect making a positive difference and spreading waves of systemized community development”.
“This ceremony is a major milestone for Nuqul Group; and we are very proud seeing our mission materializing”. Both Eses and Nuqul confirmed.
Rami Al Karmi, CEO of Shabakat Al Ordon, said: “We have set a goal to establish 50 geographically-focused "Invest-in-Micro" Funds by End of Year 2012.”
“After the success of the Nuqul Group's Micro Investment Fund - Al Koura we decided to scale and replicate this experience with other partners. We want to spark “wanna-be” micro entrepreneurs in Jordanian poverty pockets and under privileged communities to become job creators not job seekers, as well as help private sector companies and wealthy individuals contribute to job creation in local communities”. Dr. Al Karmi added.
Nuqul Group’s Corporate Social Responsibility involves the adoption of the local community in Al Koura through several programs that include feeding, empowerment and employment projects. Nuqul Group joins hands with national and local NGO’s to further enhance its role and increase positive impact in the area.
Established in 1952, Nuqul Group brings together 31 regional and global companies, 5800 employees and exports its products to over 45 exports markets worldwide.