 |
|
|
|
|
|
|
 |
| USAID Information:
External Links:
|
|
|
|
|
USAID Program in Iraq Tops $150 Million in Micro-loans
FOR IMMEDIATE RELEASE
March 25, 2008
Press Office: 202-712-4320
Public Information: 202-712-4810
www.usaid.gov
WASHINGTON, D.C. - The U.S. Agency for International Development (USAID) announced today that its private-sector development program in Iraq, known as Izdihar ("prosperity" in Arabic), has helped provide more than $150 million in micro-loans since the start of U.S. government microfinance assistance to Iraq in 2003. The loans, which typically range from $500 to $3,000, are primarily used by Iraqis to start or expand small businesses. The program maintains a repayment rate of nearly 99 percent.
USAID's micro-loan program is administered by a network of nine microfinance institutions that Izdihar has supported through infusions of loan capital, technical assistance, and training for loan officers. Six of the nine are Iraqi-owned organizations that Izdihar helped to establish to meet the growing demand for small loans throughout Iraq. Many of the microfinance institutions operate several branches within a particular region to ensure accessibility to communities seeking resources for economic revitalization.
According to John Seong, Director of USAID's Economic Growth and Agriculture Office in Iraq, "USAID's microfinance program has enjoyed a warm reception from Iraqi entrepreneurs and small business owners who are eager to provide better lives for their families while helping to rebuild the Iraq economy. The program's popularity and impressive repayment rate show just how vital a role microfinance can play in helping Iraq establish economic self-sufficiency."
For more information on USAID and its programs in Iraq, please visit www.usaid.gov/iraq.
The American people, through the U.S. Agency for International Development, have provided economic and humanitarian assistance worldwide for nearly 50 years.
Back to Top ^
|
RSS Feed for Recent USAID Press Releases
