The Jordanian government recently signed a Memorandum of Understanding (MoU) with the Arab Gulf Fund for the United Nations Development Organization (AGFUND) to establish a local bank that will extend loans to underprivileged members of society, reported the official Petra news agency.
The bank will be uniquely structured to give the private sector a major role in its management. It will extend small-sized loans with reasonable interest rates, confirmed Jordan’s Minister for Economic Affairs Mohammad Halaiqa. A higher steering committee will be set up to supervise preparatory arrangements for the establishment of the new financial institution.
According to official statistics, one fifth of the Jordanian population live below the poverty line, while unemployment stands at 14.9 percent. AGFUND is a regional developmental institution, established in 1980 with the support of the leaders of the Arab Gulf States that constitute its membership and contribute to its budget. AGFUND is concerned with the support of sustainable human development efforts, targeting the most deprived groups in the developing countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
