The Iraqi microfinance industry has come a long way since its founding in 2003. All 12 of Iraq’s microfinance institutions have established excellent reporting standards and high levels of transparency.
The industry portfolio grew by 42% since last year, and currently has more than 72,000 clients with an outstanding portfolio of $103 million. The size of the loans ranged from $500 to $5,000.
This year’s Iraqi Microfinance Awards, recognizing organizations that demonstrated innovation, outreach and leadership, went to six institutions:
- Leadership in technology innovation: Al-Bashaer and CHF Iraq.
- Leadership in product innovation: Tallafar Economic Development Center.
- Transparent & Accountable Governance: Al-Takadum.
- Depth of Outreach to the Poor: Izdiharona Economic Development.
- Depth of Outreach to Women: Bright Future Foundation.
The size and scope of the Inclusive Financial Services Stakeholders’ Conference reflects the recognition the microfinance industry has achieved among Iraqi policy makers as an effective tool to fight poverty and promote financial growth. The symposium was attended by the Central Bank of Iraq, the NGO Assistance Office, and Erbil Governor Nawzad Hadi Mawlood.
“The word ‘inclusive’ is very important to USAID,” Deprez noted. “It means all citizens of Iraq should have access to financial services. Every Iraqi should have an opportunity to start a business. Every Iraqi should have a chance to build a future for their family. Everyone should have a chance to work hard and to achieve their dreams.”
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