Micro-fund initiative to spur growth in poverty pockets - Jordan Times 18 Feb 2011

Micro-fund initiative to spur growth in poverty pockets

AMMAN - Unemployed citizens in underprivileged areas have the chance to become job creators under a private sector initiative to fund micro-entrepreneurs in poverty pockets.
The initiative, Invest-in-Micro funds, which was launched last year by Shabakat Al Ordon in cooperation with Nuqul Group, aims to encourage the private sector to invest in remote areas where unemployment rates are high and contribute to local development, according to sponsors.
As part of the initiative, sponsored by Shabakat Al Ordon and Nuqul Group, a total of 300 prospect entrepreneurs from Al Koura District in Irbid will be trained in business skills and digital literacy, according to an Invest-in-Micro statement sent to The Jordan Times via e-mail.
Last year, 23 entrepreneurs were vetted by the Shabakat Nuqul MIF Investment Committee and received financial support ranging from JD1,000-JD3,000 through the initiative, the statement added.
“This year we aim to double our efforts. So far we have seven funds created by seven investors from the private sector totalling more than JD350,000 and expect to create up to 600 jobs in remote areas where we expect to support up to 3,000 people,” Rami Karmi, Shabakat Al Ordon CEO, told The Jordan Times over the phone on Thursday.
The initiative aims to empower local residents in poverty pockets across the country to utilise micro-investment services and promote concepts of corporate social responsibility amongst members of the private sector, he added.
“We don’t believe in philanthropy and short-term or fast-track employability programmes as a sustainable solution to positively transform economies… therefore, we worked to create and optimise a grass-roots localised version,” Karmi said.
Through the initiative, participating parties from the private sector are able to contribute to one or more Invest-in-Micro fund, as sponsors match investors with various geographical areas, which are in need of job creation, and oversee the process.

Link: http://www.jordantimes.com/?news=34623