Microfinance in Iraq
Filed in archive Microfinance on December 11, 2006
There's a story from the Voice of America today about microfinance in Iraq. While not a cure-all, they seem to be helping in some areas. So if you want to see your money going toward rebuilding Iraq, this might be something to look into.
Microfinance loans are usually given to people who would not otherwise qualify for a loan from a regular bank, because the amount is too small, or they are too poor.
But USAID's Greg Howell cautions that such programs are not intended to be a magic cure for Iraq's violence.
"In a conflict situation, microfinance is not necessarily a panacea, but it is certainly a way to promote small business development at the poorest of the poor level," he said.
Magdy Ismail runs a U.S.-based non-governmental organization's office in the northern city of Irbil. He says the goal is not just to help Iraqis in the short term, but to create something that will become self-sustaining and permanent.
"Our vision is to build an Iraqi institution, to continue providing small loans to the people and to benefit the community," he said.
Loans average between $1,200 and $2,500, but can go as high as $10,000, or in some instances even $25,000.
For more on microfinance in Iraq, see here,
here, and here.
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Tags: Iraq microfinance social development business social+enterprise microfinance+iraq social+entrepreneu
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