Updates up to March 31, 2010

ICF-SME allocates funds directly to its network of nine private commercial banks to originate and manage loan risk.

  • ICF-SME allocations quickly filter through this bank network into many direct loans to SME's. At March 31, 2010, SME borrowers in 16 of Iraq’s 18 governorates had already benefited.
  • Also by 31 March 2010, which concluded the first 9 months of operations, ICF-SME member banks had lent $9.4 million to 502 SME borrowers. They achieved this on only $6.5 million of resources by co-funding loans and by recycling repayments into a new “generation” of ICF-SME loans.
  • ICF-SME also commenced a $ 1 million loan origination program for USAID/INMA targeting agricultural SMEs located in Anbar Province.
  • ICF-SME collaborates as funding mechanism for SME program sponsors (funds providers), leveraging on skills of shareholders’ SME lending units, and guarantee support of the Iraqi Company for Bank Guarantees ( ICBG).

Two Grant Programs:

ICF-SME now administers two grant programs: a $ 6 million program for USAID-Tijara and a $1 million program for USAID-INMA, which provides funding for agricultural borrowers only located in Anbar province. In administering the INMA grant, ICF-SME has successfully demonstrated that it can design and implement special purpose programs tailored to the unique requirements of another grantor.