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Kurdistan Regional Government backed
Microcredit foundation opens in Kurdistan
10.12.2007
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December
10, 2007
Erbil-Hewler, Kurdistan Region 'Iraq',--
Nechirvan Barzani, the Kurdistan Regional
Government’s (KRG) Prime Minister, on Sunday
officially launched the Bright Future Foundation (BFF).
BFF, a personal initiative of the Prime Minister’s
supported by the KRG, is an independent microcredit
organisation that will serve the Kurdistan Region of
Iraq. BFF has partnered with CHF, a US-based
microfinance and microenterprise development
organisation.
BFF is a natural extension of the Prime Minister
Barzani’s efforts to change out-dated social
attitudes and combat the culture of dependency that
exists in the Kurdistan Region.
Mr Barzani said, “In line with the KRG's interest in
developing the private sector, supporting our
society’s low income families, and encouraging
self-confidence and self-reliance,www.ekurd.net
the KRG has allocated 5
million US dollars as a first step to initiate this
activity in the Kurdistan Region.” |
Nechirvan Barzani, Prime
Minister of
Kurdistan Regional Government (KRG) (L) and Mr Hoger
Shali |
He added, “If we look at
the KRG's programme, we see that the government has
promised to reduce unemployment and further develop
the private sector. This microcredit system does
exactly that. We support these programmes because we
want our people to rely on themselves and their own
capabilities.”
He went on to say, “Our people are not familiar with
how to develop business plans, how to give loans,
collect debts or manage their finances. Our people
have not benefited from banks.www.ekurd.net
So far, we have been
unable to bring an international bank to help people
put their money to productive use. Therefore, one of
the merits of this programme is teaching these
skills and establishing a proper banking system in
our region.”
The Prime Minister stressed that BFF will work
independently and freely without interference from
the government or any political party.
Mr Hoger Shali, Chairman of BFF, said, “This
Foundation will help vulnerable people in our
society to achieve their dreams.
We are proud to be partnering with CHF, a well known
and reputable organisation in the field of
microcredit.”
Denis Dragovic, CHF’s Iraq director, said that he
was sure this venture would continue the impressive
track record that CHF had established in the rest of
Iraq, where 99% of their 45,000 loans to 15,000
people have been repaid.
Mr Omer Fattah, the KRG’s Deputy Prime Minister, and
other senior KRG officials attended the opening
ceremony at Erbil Convention Centre. BFF is a
7-million dollar private-sector foundation,
benefiting from the financial support of both CHF
and the KRG.
Read the
PM's speech at
the launch of the Bright Future Foundation.
krg org
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