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Iraqi Kurdistan: Sulaimaniyah learns about Iraqi
Company for Bank Guarantees (ICBG)
25.6.2007
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June 25, 2007
Sulaimaniyah, Kurdistan region (Iraq), --
More than 100 business people and government
representatives from Sulaimaniyah attended an
information session hosted by the board of the Iraqi
Company for Bank Guarantees (ICBG) recently at the
Sulaimaniyah Palace Hotel.
The participants welcomed the increased access to
funding and the development opportunities that local
businesses will enjoy through expansion of the ICBG
activities in the Kurdistan Region. ICBG was
established by 11 Iraqi private banks with technical
assistance from the USAID-funded Izdihar project.
The chairman of the ICBG, who is also the chairman
of Ashur International Bank, delivered a
presentation on the ownership, objectives,
operational achievements and projected activities of
the ICBG to support the provision of increased
access to bank loans for small and medium
enterprises (SMEs) throughout all of Iraq.
The presentation included details on the ICBG loan
guarantee program, a breakdown of the guarantees
approved to date, by economic sectors and
governorates and future training programs for the
ICBG participating banks. So far, the ICBG approved
20 guarantees covering loans that amount to more
than $400,000.
The audience that packed the conference room
consisted of representatives of the Kurdistan
Ministry of Finance, the Kurdistan branch of the
Central Bank of Iraq, members of the Chamber of
Commerce and Industry, management and staff from the
private banks operating in Sulaimaniyah, the Office
of the Registrar of Companies in Kurdistan, various
Trade and Industry Associations, management from
microfinance Institutions operating throughout Iraq
and other private sector representatives.
"It is very encouraging that ICBG guarantees up to
75 percent of the loans and focuses on the cash flow
rather than collaterals. This facility will help us
develop our businesses," said one of the businessmen
from Sulaimaniyah.
"We are very pleased to have the ICBG
representatives here informing us about the
opportunities that this initiative brings about for
small and medium size enterprises," said the Deputy
Chairman of the Sulaimaniyah Chamber of Commerce.
The Chamber and the Ministry of Finance of the
Kurdistan Region both participated in the
preparation of the information session.
"Over the past two years, the USAID-funded Izdihar
project has supported Iraqi banks in developing
modern lending methodologies and sound banking
practices through its activities," said Izdihar's
Chief of Party. "This information session
illustrates our commitment to promoting cash
flow-based lending and to boosting access to funding
for small and medium size enterprises."
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