Liwwa and the US International Development Finance Corporation (DFC) have signed a $5 million loan agreement, marking a major advancement in financial inclusion and support for small and medium-sized businesses (SMEs) in Jordan.
An important step has been taken in promoting the expansion and sustainability of SMEs in Jordan with this collaboration. SMEs continue to have difficulty obtaining the capital needed for expansion, even though they make up 80% of Jordanian businesses. This collaboration with DFC demonstrates liwwa’s unwavering dedication to meeting the financial needs of underbanked SMEs so they can prosper and add to the economy.
The $5 million loan arrangement complies with DFC’s mandate to encourage economic stability and private sector growth in developing nations. DFC hopes to strengthen the resilience of SMEs in Jordan through collaboration with liwwa, thereby promoting job creation and socioeconomic advancement.
Maryam Khosharay, Acting Vice President of DFC’s Office of Small Business and Financial Services, said, “DFC is pleased to partner with liwwa to promote lending to underserved small and medium sized businesses in Jordan. This partnership will help unlock working capital to help grow businesses, create jobs, and improve livelihoods.”
Commenting on the significance of this collaboration, Dennis Ardis, CEO of liwwa, stated, “We are incredibly proud of our partnership with DFC. We appreciate the trust placed in us and are committed to leveraging the facility to drive positive impact and sustainable growth.”
Liwwa has a proven track record of success in the Jordanian financial technology (fintech) ecosystem, having helped many SMEs in a variety of sectors obtain financing. This strategic initiative builds on that success. Liwwa is committed to empowering entrepreneurs and accelerating economic transformation through its state-of-the-art technological platform and customer-centric business model.
