For the Arab World, 2011 was historic. The year brought much hope and a sense of opportunity as Arabs from the Atlantic Ocean to the Arabian Gulf saw the possibility of a future without dictatorship, corruption and hypocrisy – the reasons underlying the poverty, unemployment, and political grievances which sparked the Arab Spring.
Since the beginning of 2011, a revolutionary wave of demonstrations and protests have been taking place in the Arab world. These events have created some challenges and opportunities for the microfinance sector and the financial inclusion agenda in the region.
In January 2005, the Ministry of Planning and International Cooperation (MoPIC) in Jordan formed a Microfinance Committee to prepare, with technical support from CGAP and through a consultative and participatory process, the first national strategy for microfinance in the Arab world.