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Iraqi Company for Bank Guarantees receives first tranche of USAID grant funds
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USAID - [9/20/2007]
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At the semi-annual General Assembly of the Iraqi Company for Bank Guarantees (ICBG) meeting in Amman, the ICBG Board of Directors chairman announced that since ICBG has satisfied all conditions precedent to the disbursement of grant funds by the U.S. Agency for International Development (USAID), the first $500,000 tranche of a $5 million USAID grant has been transferred to the ICBG.
"I thank the USAID mission in Iraq for its support to the ICBG, and I urge all shareholder banks to promote bank lending activities to small and medium-size enterprises in Iraq. Such increased access to finance will certainly contribute to the development of sustainable economic growth for the private sector and help generate employment opportunities throughout Iraq," the ICBG chairman said.
The Iraqi Company for Bank Guarantees, Ltd. was established by 11 Iraqi private banks with the help and assistance of the USAID-funded Izdihar project. The objective of the ICBG is to assist Iraqi small and medium-size enterprises (SMEs) in gaining increased access to bank loans. It provides partial guarantees of both principal and interest for loans made to SMEs by privately owned banks operating in Iraq.
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