Grameen-Jameel Commits Over US$ 5 Million to Build the Microfinance Sector in Turkey

Sept. 23, 2010 - PRLog -- Grameen-Jameel Commits Over US$ 5 Million to Build the Microfinance Sector in Turkey


Grameen‐Jameel, a social business that serves the microfinance sector in the Middle East and North Africa (MENA), announces it has entered Turkey. Grameen-Jameel has signed partnership agreements with the two leading microfinance institutions in Turkey, providing them with financial support and technical assistance amounting to over US$ 5 million, with the objective to alleviate poverty in Turkey by reaching and financing 16,000 underprivileged families.
   
Under the first partnership agreement Grameen-Jameel will provide the Turkish Grameen Microcredit Program (TGMP), a program of the Turkish Foundation for Waste Reduction (TISVA) with loans and technical assistance amounting to US$ 2.6 million plus an immediate donation of US$ 500,000 to help finance an additional 10,000 underprivileged Turkish citizens in the South and South East of the country.

Under a similar agreement Grameen-Jameel will also provide MAYA enterprise for microfinance (MAYA) with loans and technical assistance amounting to US$ 1.7 million plus an immediate donation of US$ 300,000 to support an additional 6,000 underprivileged Turkish citizens mainly in Istanbul and Izmit areas.

Grameen-Jameel reaches over 500,000 underprivileged families and has provided or facilitated financing of over US$ 47 million for its partner microfinance institutions in nine countries in the MENA region. TGMP and MAYA are its first partnerships in Turkey.


Fady Jameel, Board member of Grameen-Jameel, says, "We are proud to collaborate with TGMP and MAYA who are both renowned for their social leadership in serving the less privileged in Turkey. We hope this is the beginning of a long-term partnership between our organizations.”

“We welcome the financing provided by Grameen-Jameel, which will support our strategic plan to fight poverty. We aim to reach over 200,000 microenterprises in both remote areas and big cities in Turkey," says Dr. Aziz Akgul, Chairman and CEO of TGMP. “Together with Grameen-Jameel we aim to further empower the underprivileged of Turkey and help them take control of their lives by starting their own microenterprises to generate regular income to support their families.”

Mrs. Sengul Ackar, Executive Director of KEDV says, “This partnership will help MAYA capitalize on Grameen-Jameel’s experience in the microfinance sector. The financing and capacity building provided to MAYA will help us build a strong organization able to provide more loans to unleash the entrepreneurial potential of the underprivileged, and ultimately improve the lives of even more people in Turkey.”

With poverty remaining a critical problem in the MENA region, microfinance targets over 80 million people in the region who live on less than US$ 2 a day, by providing them with access to financial services. Grameen-Jameel is currently working with its 15 Microfinance institutions to help them increase the breadth and depth of their outreach.

-Ends-

Grameen-Jameel is a joint venture between Abdul Latif Jameel (ALJ) Foundation and Grameen foundation USA.

The ALJ Foundation supports and promotes job creation, education and the arts worldwide.

Grameen Foundation USA, a global non-profit organization, helps the world’s poorest people access financial services and technology solutions.

TGMP the Turkish Grameen Microcredit Program is one of the three programs established by the Turkish Foundation for Waste Reduction (TISVA, as its Turkish acronym is known) under the guidance of its Board Chairman and CEO, Dr. Aziz Akgul.

“MAYA” MAYA Enterprise for Microfinance, is one of the two economic enterprises of KEDV (The Foundation for Support of Women’s Work) under the guidance of Mrs. Sengul Ackar, Executive Director of KEDV.