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Micro-loan Update
My big question: What percentage of the $30 million is paid as 'commissions' to the various officials along the money pipeline? 20%? Or more like 99%?Government of Iraq Expands Micro-Loan Program BAGHDAD, Iraq The Government of Iraq (GoI) has established a program to provide $30 million in micro-loans to Iraqis in each of the 18 provinces. The program is an expansion of a $50 million pilot in Baghdad with extremely successful results. Under the new program, $30 million- $15 million from the Ministry of Labor and Social Affairs (MOLSA) and $15 million from the Ministry of Industry and Minerals (MoIM)- will be used to help spur small business growth and create job opportunities. Under this program, the loans are purposely kept at small amounts to encourage the growth of small businesses. The average loan size is between $4,600 and $9,000, depending on the source of the loan. Based on past results, the program has the potential to create over 230,000 new jobs for Iraqis. MNF-I applauds the establishment of this entirely Iraqi-led program. Posted by: Glenmore 2007-11-12 |
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