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USAID grants $8.9 million to set up microfinance industry in Iraq

22 March, 2006

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(MENAFN) The U.S. Agency for International Development announced that it has awarded three grants, totaling $8.9 million, to set up a sustainable microfinance industry in Iraq, Portal Iraq reported.

USAID's private sector development program, Izdihar, recently awarded the grants, each for approximately $3 million, to three international non-governmental organizations to help build the capacity of Iraqi microfinance institutions throughout all of Iraq's 18 provinces.

Two of the recipients already have existing operations in Iraq.

The NGOs will provide no-interest loans to start up or expand small businesses in order to create new jobs in Iraq. Microfinance loan amounts typically range from $250 up to $25,000 and enable low-income or otherwise disadvantaged individuals to access small amounts of credit that are not usually provided by banks.

Courtesy news.nabou.com

End.

Reader Comments:

mfi

good

b ramesh, Hungary - 22 March, 2006

Great Article: USAID Microcredit

I enjoyed and appreciate the consise story on the Iragi microcredit project by USAID. Microcredit is one of the most effective social innovations of all time and I hope it is effective in ending poverty and lifting the people of Irag.

Please write more on microcredit in Iraq, Pakistan and around the world.

Thanks!

Richard Norton, United Kingdom - 23 March, 2006

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