December 9, 2010

Stakeholder Conference Promotes Financial Services for Poorer Iraqis

New Iraq Microfinance Association Announced

Twenty-five percent of Iraqis live below the poverty line, and unofficial estimates place the unemployment rate as high as 30 percent, according to the CIA World Factbook.

Microfinance has the potential to reduce poverty in the country. Effective microfinance institutions and a supportive regulatory environment could stimulate the country’s economy and generate employment by increasing access to credit for businesses and entrepreneurs.

Experts Discuss Challenges in Iraq’s Microfinance Industry

At the 2010 Inclusive Financial Services Stakeholder Conference, entitled “Putting the Poor First,” experts and industry leaders from around the country and the world discussed how to advance Iraq’s financial services sector.

The annual event is organized by the USAID Provincial Economic Growth Program and aims to address challenges related to the country’s regulatory environment, industry infrastructure and institutional performance.

Senior Technical Director Nadia Namken presented at the conference on the benefits of regular external assessments to make microfinance institutions stronger. She shared ACDI/VOCA’s development experience working on microfinance projects in Iraq and around the world.

“The session was very well received and stimulated lively discussion, “says Namken.

Plans for New Iraq Microfinance Association Announced

Plans for launching a new association—called the Iraq Microfinance Network—with 12 member organizations were announced at the conference.

Director General of the Nongovernmental Organization Directorate Dr. Ahmed al-Attar and Al-Thiqa General Manager Abbas Saedy unveiled the new association’s logo.

Saedy was elected as the first chairperson of the new Iraqi microfinance association, which is expected to be registered in early 2011.

Al-Thiqa is a partner financial institution with ACDI/VOCA through our USAID-funded Iraq Access to Credit program.

Learn more about our work in Iraq’s financial services sector.

Pictured at top left: ACDI/VOCA's Nadia Namken, Al-Thiqa COO Frank Gilbert and ACDI/VOCA's Doug Leavens prepare to meet participants at the Al-Thiqa table during the conference. Special guests included Erbil Province Governor Nawzad Mawlood, USAID/Iraq Deputy Mission Director Alexander Deprez, USAID/Iraq Economic Development Advisor Michael Jordan, Director General of the Nongovernmental Organization Directorate Dr. Ahmed Al-Attar and Central Bank of Iraq Director General of Research Khalid Hameed Shiltagh.