Amman-based Nuqul Group hosted a number of private sector firms including Aramex, Al Jude and Pharmacy One who have pledged to replicate the “Invest in Micro” proven model across different poverty pockets in Jordan.

The Nuqul move comes after the successful implementation of its “Invest in Micro” Fund in Al Koura district and building on the success of its partnership with Shabakat Al Ordon.

At the event, Nuqul Group vice chairman Ghassan Nuqul, CEO Nidal Eses, Samih Toukan and Hussam Khoury, founders of Jabbar Internet Group, Yousef Fanous, chief operations officer of Pharmacy One, Fadi Ghandour, founder and CEO of Aramex; and Maher Kaddoura, founder of Al Jude, pledged to establish an “Invest in Micro” Fund.

With this the total amount of funds in 2010 rose to seven. To establish a fund, partners commit amounts ranging between JD10,000 and JD150,000 ($14,104 and $211,566), said a Nuqul statement.

'Then Shabakat Al Ordon builds the capacity of local community members allowing them to pitch their ideas to the fund’s investment committee.'

'Upon listening to the ideas, partners decide to invest amounts between 1,000 to 3,000 JD per micro-venture, following which each venture will be incubated and mentored in a model that ensures those ventures start producing and selling in six months.'

The impact of a sample JD30,000 “Invest in Micro” Fund starts with touching 300 people, training 60-70 micro-entrepreneur, investing in 20-25 micro-ventures, creating 40-60 jobs, and providing for the needs of 300 - 400 dependants.

About the initiative, Nuqul and Eses said: “When we first chose our social responsibility theme in 2007; we had a mission of creating an innovative practical model summarizing our learnings, successes and challenges in Al Koura to be emulated and implemented in different areas in a ripple effect making a positive difference and spreading waves of systemized community development.”

“This ceremony is a major milestone for Nuqul Group; and we are very proud seeing our mission materializing,” they added.

Rami Al Karmi, CEO of Shabakat Al Ordon, said it has set a goal to establish 50 geographically-focused 'Invest-in-Micro' funds by end of 2012.-TradeArabia News Service