USAID program in Iraq tops $150m in micro-loans

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%.

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.'