Kurdistan: more than 7 thousand beneficiaries of micro-credit despite financial crisis

Twilight News / Fund Directorate continues to support small projects for young people in the Kurdistan region of Iraq in their work and projects, in order to help young people layer more and improve their standard of living and to encourage them to carry out various projects in various professional fields, despite the financial crisis in the region.

He said Aram Anwar director of micro-credit in a statement to the official website of the Kurdistan Regional Government; the fund to support small projects for young people was established by Resolution No. 11 of 2011 issued by the Council of Ministers of the region and Law No. 2 of 2011, and this continued to the Ministry of Labor and Social Affairs Fund is managed by a special board Each of the Minister of Labour and Social Affairs, President of the Council, and the membership of representatives of the Ministry of Culture, Youth, and the Ministry of Agriculture and Water Resources, and the Ministry of Trade and Industry, and the fund manager, a secretary of the Board.

He said Anwar said the main objectives of this fund Taatkmen in raising social and economic level for the youth of the region and the use of their abilities and their energies and that will actively participate in the region development process and urged them to initiative and implementation and the establishment of small enterprises through the provision of financial resources and provide employment opportunities for a layer of young people in general.

With regard to the duties and powers of the fund, micro-credit fund manager announced that these duties and powers include oversight and lay the foundations for unemployed youth support work, in addition to working for the development of the Fund's resources and ratification plans financial investments of the Fund for these projects that do not exceed the capital of 40 million dinars , giving the project a grant, which should not exceed 15 million dinars, the condition of the beneficiary for another grant.

He explained Anwar There are some conditions for Ala persons brought to request loans to support small projects fund for the loan, which must be the person submitting the request of the young and aged between 1635 years and the citizens and inhabitants of the region, and should not be employed in government departments and institutions, and working in the private sector, and must be the physical potential to be weak and limited, and then will assess the physical benefit to him, and that the project be registered with the micro-credit fund department, and for reimbursement of the loan will be in six years, according to these conditions, the Peshmerga brothers can not get these loans small because they are salaried.

He added that the beneficiaries of the micro-credit project are graduates of rehabilitation centers, vocational training, and high schools, professional, and technical institutes and universities, and beneficiaries of social protection and youth network who do not have certificates, but they have the ability to manage their projects.

He also noted that the highest level of the loan up to 15 million dinars, and to determine an adequate amount for the project decided by the committee supervising the Fund in two phases, the first phase and then start the contract by 50% of the loan to be carried out within 90 days of the start of the project. The second stage following the completion of the first phase, 50% of the remaining loan.

The budget allocated for this project, will be distributed to offices in this format; 34% Office of Erbil, Dohuk Office 23%, and the Office of Sulaymaniyah and 43% within Sulaymaniyah share will be allocated 13% to the Office of Ckramaan.

B_khass how the continued granting of small loans, while grants and other government loans such as marriage, mortgages and agricultural parked grant, Anwar announced; the system that government loans, are not allowed to continue because the system is «account dead end», that is yielding loans dating back to the treasury Government, but our system is «open system», any loans that yields will return to the fund and not to the government treasury, that is, the amount of return to the Fund will be awarded to young people as new loans.

The following is an illustrative table of the beneficiaries and the origin and quality of the projects since the establishment of the fund and so far: