During Saddam Hussein?s rule, three decades of economic mismanagement crippled Iraq?s economy.
Repressive economic policies isolated Iraq internationally and concentrated wealth in the hands of Saddam?s supporters while the majority suffered widespread poverty.
The CPA is working with our Iraqi partners to build a strong market economy based on a number of key principles:
Openness
Transparency of Iraq?s economic institutions
A sound and comprehensive policy framework
Economic integration with the international community
A dynamic and responsive financial system
The International Finance Corporation (IFC) has identified its first participating financial institution (an Iraqi private bank) to participate in its Small Business Facility.
They have identified an auditing firm to perform due diligence on this bank, and are working with a service provider to provide training to Iraqi loan officers on small business lending.
If this process goes well, the IFC expects to disburse its first loan to the private bank by the end of May.