The U.S. Agency for International Development (USAID) has granted $250,000 in start-up capital for a microfinance institution (MFI) established by IZDIHAR, a three-year, USAID-funded private sector development project in Iraq. This initial capital base will be used to disburse loans of up to $5,000 to Iraqis in communities suffering high unemployment after the dismantling of the former Iraqi army as well as women and other underprivileged groups. Civilian Military Operations officers from the Multi-National Force åö Iraq will also provide support and training for the new MFI. MicroCapital recently reported on USAID’s embrace of microfinance in Iraq to rebuild the nation’s economy.
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