NASIRA is a risk sharing facility for local financial institutions. It offers a portfolio guarantee to stimulate lending to underserved segments. The goal is to allow local financial institutions to provide loans to groups they normally perceive as too risky. It targets portfolios consisting of loans to young, female, COVID-19 affected and migrant entrepreneurs (including refugees, returnees and internally displaced people). By so-called ‘risk-sharing’ NASIRA reduces the perceived and real risks of lending to vulnerable and underserved parts of the population. It enables and stimulates financing needed for microenterprises and SMEs who want to grow their business.
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With a growing population of which more than 70 percent is under the age of 30, and one of the highest unemployment rates in the world (50% in Gaza in 2018), economic growth and financial inclusion is high on the priority list of the Palestinian authorities.
Vitas Palestine, a micro finance institution, and the European Commission, the European Union Delegation and FMO – are working together to address the needs of youth- and women-run small and medium-sized enterprises (SMEs) with a USD 10 mln portfolio guarantee and Technical Assistance program. The film was made by Palestinian Media Group (PMG) in cooperation with FMO.
Bank al Etihad is a Jordanian banking and financial institution. Since 2011, it expanded its offering with new innovative services to tap into the Jordan’s growing retail and SME markets. The bank believes that empowering its community can only be achieved by investing in digital transformation. Through this, clients can access products and services and control their money wherever they are and at any time. As a result of its efforts, it has been chosen as the "Best Digital Bank" in Jordan, and the "Most Innovative Digital Bank" in Jordan and the Middle East, by New York International Magazine "Global Finance" in 2020. Bank al Etihad also has a strong focus on reducing inequalities which is demonstrated by its active membership of the Global Banking Alliance and the launch of its comprehensive program to empower female entrepreneurs.
Together with the European Comission, FMO has provided an up to USD 30 mln NASIRA risk sharing facility in local currency, combined with a NASIRA Capacity Development package earmarked for COVID-19 affected entrepreneurs and focusing on female entrepreneurs.