KHF Outreach
Revolving Loan Fund Handover Agreement
18th July 2011

Al Azraq Multi Purpose Community Cooperative signing ceremony with NHF July 18
Al Azraq Multi Purpose Community Cooperative signing ceremony with NHF July 18


Monday, July 18, 2011


Today the Noor Al-Hussein Foundation signed an agreement with the Al Azraq Multi Purpose Community Cooperative to transfer the management and operation of its revolving loan fund to the local community.


The revolving loan fund was established by NHF back in 2007 in the Al Azraq area, as one of the initiatives of the "Poverty Pockets Program" funded by the Ministry of Planning and International Cooperation (MOPIC).


The program was designed to improve socio-economic conditions and assist in alleviating poverty through community capacity building and empowerment.


One of the major components of the program was to promote entrepreneurship and improve access to loans in the Al Azraq district.


Before today's handover, NHF offered community members and the Al Azraq Multi Purpose Community Cooperative revolving loan fund management training.


Program Manager Muhammad Al Zoubi remarked that the agreement ensures that the " Al Azraq Multi Purpose Community Cooperative is able to take full legal ownershipand manage the revolving loan fundafter completing a comprehensive program of capacity building and gaining hands onexperience over the past two years ."


So far the Al Azraq revolving loan fund has disbursed 153 loans totaling around 76 thousand JDs, with an initial capital of JD20,000 funded by MOPIC.Examples of micro-enterprises include breeding birds, beekeeping, glassworks, and a clothing retailer, either home based or in commercial spaces.More than 75% of loan recipients are women.The revolving loan fund has resulted in more than 75 job opportunities.


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