The Middle East's first national microfinance bank opened earlier this week amid mixed reactions from local NGOs.

The National Micro-Finance Bank (NMB), launched by the Arab Gulf Programme for United Nations Development Organisations on Monday, has been hailed as the first of its kind in the region. The project's other stakeholders include the King Abdullah II Fund for Development and members of the private sector.

The NMB seeks to finance projects for low-income individuals. It joins a long list of microfinance organisations already operating in the country, which tout micro-finance as a major vehicle for combating poverty. Currently, Jordan's national poverty rate stands at about 14 percent.

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