Regulatory Alerts2018-08-19
Added · Updated
Circular to Microfinance Companies: Mechanism for Obtaining Approval for Foreign Funding
The Central Bank of Jordan issued Circular 15009/2/28 to microfinance companies, transmitting the Prime Minister's Office mechanism for obtaining approval for foreign funding. This mechanism requires associations and non-profit companies to submit detailed requests to the Ministry of Social Development or the Ministry of Industry, Trade and Supply, which are then reviewed by the Ministry of Planning and International Cooperation and the Ministry of Interior before presentation to the Council of Ministers. For projects supporting Syrian refugees and Iraqi guests, entities must obtain direct approval from the Coordination Committee for Humanitarian Aid Affairs, adhering to a maximum 10% administrative expense limit and mandatory six-month progress reporting.