(MENAFN- Jordan News Agency)
Amman, May 30 (Petra) -- Minister of Social Development and Chairperson of the Ministerial Committee for Women's Empowerment Wafa Bani Mustafa and Minister of Labor and Chairperson of the Development and Employment Fund, Youssef Shamali signed Tuesday a memorandum of understanding wherein the fund is allocating JD8 million for a financing and lending program dedicated to the economic empowerment of women.
Under the memorandum, the fund will receive applications through 16 branches and three financing sources in the northern, central and southern Badia regions, targeting women aged 18-45 years, with a financing amount that ranges between JD5,000 and JD25,000, exclusively for productive projects only, at a profit rate of 2.5 percent annually. The program grants the borrower a grace period of 12 months to pay the installments to enable women to operate their projects with a repayment period of 7 years.
The memorandum aims to enhance the role of women in society and their economic participation in line with the royal and government directives aimed at enhancing their role in self-employment.
Speaking on the agreement, Bani Mustafa said that the memorandum is part of an executive plan for the Economic Modernization Vision and a government commitment to implementing the vision's strategy to empower women and increase their economic participation.
She indicated that the government has worked to simplify the procedures for granting women loans through financing portfolios, pointing out that the memorandum provides exceptional conditions for the financing portfolio.
For his part, Shamali said that the government has worked on a legislative approach that enhances the role of women and their contribution to economic activities, which is part of the outcomes of the Royal Commission's outputs to modernize the political system that called for fair and rightful representation of women in economic activities, including the boards of directors of public joint-stock companies and companies that the Social Security Investment Fund contributes to, in addition to the amendments made to the Companies Law.
He added that the government has created financing windows to enhance women's economic contribution by focusing on productive projects in all governorates of the Kingdom, pointing out that the Development and Employment Fund provided loans to young men and women in various governorates of the Kingdom, noting that the repayment rate is "very high, which indicates the success of these projects."
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