Initiative launched to assist Jordanian entrepreneurs

AMMAN — The Jordan Micro Credit Company (Tamweelcom) and Youth Business International (YBI) on Tuesday launched the Youth Business Jordan (YBJ) initiative to support young entrepreneurs.

“The YBJ programme was launched through the partnership between Tamweelcom and the UK institution YBI with the aim of supporting innovative projects of young Jordanians between the ages of 18 and 35,” Tamweelcom Chairman Mustafa Nasereddin said at the launching ceremony, which was held under the patronage of Her Majesty Queen Noor. 

He urged all those interested from the public and private sectors to support the programme and its goals, thanking the King Hussein Foundation for supporting Tamweelcom over the past 16 years.

With the youth unemployment rate in Jordan estimated at around 27 per cent, YBJ seeks to “nurture the Jordanian entrepreneurial spirit, offering knowledge and support on all levels, from giving youth a platform to present their ideas and all the way through to providing technical training, coaching and mentorship to help them sustain their businesses”, according to Tamweelcom.

There were around 1.25 million young Jordanians between the ages of 18 and 35 in 2014, according to a video shown at the ceremony, which said that if 5 per cent of them had innovative ideas, they would have 62,500 potential projects. 

Assuming that also only 5 per cent of their ideas were financed, 3,125 new projects would be implemented.

If each project of the 3,125 employed only two people, there would be 6,250 young people with jobs, according to the video. 

The YBJ initiative invited any young Jordanian with a project idea to apply to benefit from its various services, certificates and awards as well as project financing that amounts to JD20,000 with a six-month grace period. 

Another video shown at the ceremony showcased success stories of Tamweelcom’s “Fekrati” award winners, which was launched in 2014.

The award, which paved the way to launching the YBJ, included ideas for the Jordan Origami Academy project, a women-only gym in Maan Governorate, the social campaign “Saheh Khabrak” to correct false news, and a sewing shop in Ain Basha.

Established in 1999, Tamweelcom is a regional micro-finance institution, registered at the Ministry of Industry, Trade and Supply as a limited liability company owned by the Noor Al Hussein Foundation, which operates independently under the umbrella of the King Hussein Foundation.

YBI, established in 2000, is an international network of independent organisations supporting “under-served” young people between the ages of 18 and 35 who want to start their own businesses but do not have the means to do so.