Arab Bank Fund Starts With Supporting Poor Areas in the Kingdom
27 Feb, 2011
Further to Arab Bank’s statement which was recently announced for the allocation of one million Jordanian Dinars to the establishment of a fund for development projects aimed at supporting pockets of poverty, unemployment and raising the standard of living of citizens, the first initiative of the Development Fund has been officially launched.
For this first initiative, Arab Bank will support the establishment of small businesses that will generate income for citizens living in pockets of poverty in the cities of Maan and Zarqa. In cooperation with the Jordan River Foundation, the Bank has allocated 148,000 JOD in revolving loans in an effort to create jobs and manufacturing projects.
Ms. Dina Shoman, Executive Vice President of Branding at Arab Bank said that this initiative is a continuation of the commitment Arab Bank has made to support local communities and work as a true partner to achieve sustainable social development and alleviate the difficult conditions imposed by the current economic realities. Ms. Shoman further added that the Bank’s efforts will continue to reach poverty stricken areas in the Kingdom and work effectively with the relevant parties and organizations in order to create job opportunities to improve the living conditions of citizens effectively.
Arab Bank will work through the ‘Empowerment of Communities’ program provided by the Jordan River Foundation to activate the community in these disadvantaged areas through the support of several associations in Maan, including the ‘Al Mudawara’ Charity Women's Association, ‘Al Badia’ Collaborative Women's Association at ‘Al Husseiniya’, and the ‘Al Husseiniya’ Club Association, in addition to ‘Al Muraigha’ Women’s Association. Forty thousand JOD will be allocated to the above mentioned associations.
There will be 80,000 JOD allocated to support organizations in the less fortunate areas of Zarqa to create an umbrella for development work where there will be 28,000 JOD available to train and increase the capacity of association members and members of the local community through special programs in areas related to the management of institutional cooperative associations, financially and administratively, and to provide awareness lectures for youth, women and children.