MICROCAPITAL BRIEF: Turkish Microfinance Institutions (MFIs) Maya Enterprise for Microfinance and Turkish Grameen Microcredit Program (TGMP) Receive $5m from Grameen-Jameel
Grameen-Jameel, a joint venture founded in 2007 by the US-based Grameen Foundation and Grow Well Limited of Saudi Arabia, announced that it will provide technical assistance and financial support amounting to USD 5.2 million to Turkish microfinance institutions (MFIs) Turkish Grameen Microcredit Program (TGMP) and Maya Enterprise for Microfinance.
TGMP, founded in 2003 and claiming total assets of USD 9 million and 28,314 borrowers as of 2009, will receive USD 3.2 million from Grameen-Jameel. Maya, founded in 1986 and claiming total assets of USD 927,000 and 1,854 borrowers as of 2009, will receive USD 2 million from Grameen-Jameel.
Although Grameen-Jameel generally provides financial support in the form of partial credit guarantees, no other lending institutions have been identified as being involved with the above transactions.
Established in 2007, Grameen-Jameel is a joint venture of the US-based Grameen Foundation and Grow Well Limited of Saudi Arabia. The company forms partnerships with Arab microfinance institutions (MFIs) to which it provides information technology (IT) support, human resources (HR) management, operational support, and financing in the form of
partial credit guarantees. As of 2008, Grameen-Jameel had facilitated local currency financing of USD 44 million backed by USD 20 million in guarantees to MFIs and had reached more than 350,000 new microfinance clients through its partners in Egypt, Jordan, Lebanon, Morocco, Palestine, Tunisia, and Yemen.
About Turkish Grameen Microcredit Program (TGMP):
The Turkish Grameen Microcredit Program (TGMP) is a project of the US-based Grameen Foundation. It was established in 2003 and offers microloans to borrowers in Turkey. TGMP reported total assets of USD 9 million, a gross loan porfolio of USD 7.95 million and 28,314 borrowers as of December 2009.
About Maya Enterprise for Microfinance:
Maya Enterprise for Microfinance, established in 1986, is a nonprofit, non-governmental organization (NGO). It aims to support low-income women in Turkey to improve the quality of their lives, communities and leadership ability. It provides group and individual loans. Maya reported total assets of USD 927,000, a gross loan portfolio of USD 850,000 and 1,854 borrowers as of December 2009.
By Matthew Fox, Research Assistant
Sources and Additional ResourcesSource: www.microcapital.org
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