Image via Wikipedia“The World Bank is supporting micro and small businesses and encouraging job creation in the Palestinian territories through the loan to Palestine for Credit and Development — known as Faten — a leading microfinance institution,” said Walid Almurshed, head of IFC Saudi Arabia and Investment Principal in the Middle East, North Africa and East Europe.
Faten had more than 12,000 clients, of which 80 percent are women, and a total outstanding portfolio of SR90 million.
“With IFC’s help, Faten plans to reach 22,000 customers and develop a net outstanding portfolio of SR123 million by 2015,” Almurshed said.
IFC’s loan will help Faten expand its outreach in West Bank and Gaza, where 80 percent of employment is generated by micro, small and medium enterprises.
Faten had more than 12,000 clients, of which 80 percent are women, and a total outstanding portfolio of SR90 million.
“With IFC’s help, Faten plans to reach 22,000 customers and develop a net outstanding portfolio of SR123 million by 2015,” Almurshed said.
IFC’s loan will help Faten expand its outreach in West Bank and Gaza, where 80 percent of employment is generated by micro, small and medium enterprises.
