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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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According to a report in the Financial Times, fledgling microfinance projects are helping to revive the Iraqi economy after years of public sector dominance, a decade of sanctions, and six years of violence.  The US, and specifically its military, is actively involved in these microfinance schemes as part of its war on terrorism. The projects typically involve loans of a few thousand dollars given to people with between one and three employees.  By the end of January 2009, the US had made 41,728 loans, totaling USD 59.7 million. 

In August 2007, MicroCapital reported on the launching of Al-Takadum, an Iraqi microfinance institution (MFI) in Al Qaim, Al Anbar province. IZDIHAR recently announced in a press release that Al-Takadum opened a second office in Fallujah with seven employees, and as of November 2007, has disbursed fourteen loans totaling USD 32,200.

A new microfinance institution in Salah ad Din, Iraq, established with the support of the IZDIHAR project funded by the United States Agency for International Development (USAID), kicked off its lending activities with thirteen loans totaling to USD 35,600.

A statement issued by the U.S. Agency for International Development (USAID) indicated that the network of microfinance institutions active in Iraq will receive further expansions in new districts around the country. Specifically, the Al-Takadum microfinance institution (MFI) will open in Al-Anbar province, reports Middle East North Africa Financial Network News (MENAFN). This scheme is currently in its final stage of construction.

The first microfinance conference in Iraq, the Iraq National Microfinance Summit, recently took place in the northern Iraqi city of Arbil. The conference was organized by the IZDIHAR project. Over 100 participants, including local practitioners and government officials, gathered to discuss the current state of the industry. According to Greg Howell, Global Development Alliance Advisor for the U.S. Agency for International Development (USAID) in Iraq, the discussions centered around how donors can contribute to expanding microfinance operations in the country.

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