Source: PortAl Iraq
Article available here.
The network of microfinance institutions active in Iraq will soon expand into new areas as preparations for the opening of the Al-Takadum microfinance institution in Al-Anbar province move into the final stage.
The new microfinance institution will commence operations with a staff of six and is expected to open for business in late August. The staff was recruited and trained by the U.S. Agency for International Development (USAID)-funded Izdihar project and the building that will host the office has been undergoing renovation. The loan capital will be provided by Izdihar and the operational capital will come from the U.S. Military MNF-W CERP funds.
“We are pleased that Al-Takadum will soon open for business and will start awarding micro and small loans to the communities it serves. The opening of a new, indigenous microfinance institution illustrates our strong commitment to the development of the private sector and our desire to encourage and support the entrepreneurial spirit of Iraqi people,” Izdihar Chief of Party Baljit Vohra said.
The mayors of other Iraqi cities have also expressed strong interest in hosting local offices of Al-Takadum.
Similar Posts:
- MICROCAPITAL BRIEF: 3k Displaced Persons, Returnees, Hosts Access Loans, Guarantees, Business Training in Iraq
- MICROCAPITAL BRIEF: Tokyo Offering $900k to Asset Managers, Fintechs to Open “Green Finance” Office in Japan
- MICROCAPITAL BRIEF: Bank of Africa, Sanad Fund Deploying $27m for SME Finance in Morocco
- SPECIAL REPORT: Financial Inclusion of Forcibly Displaced Persons (FDPs), Host Communities Results in Competitive PAR Ratios #EMW2023
- MICROCAPITAL BRIEF: EBRD Purchases 5% Equity Stake in ProCredit from IFC, Increasing Exposure to SMEs in Europe, Ecuador
