Audit of USAID/Iraq’s Provincial Economic Growth Program.
Fiscal Year: 2010
Audit Report Available: No
USAID/Iraq’s Provincial Economic Growth Program is a $162 million program to provide business development and financial services to Iraqi beneficiaries in strategic locations across the country. In addition, it promotes economic diversification and employment, with an emphasis on the growth of the manufacturing and service sectors throughout Iraq. The program is scheduled to run from January 2008 through March 2011.
The program supports nine new Iraqi-owned microfinance institutions and three international microfinance institutions. In addition to providing loan capital, the program conducts training, technical assistance, and other capacity-building activities. These institutions offer 1-year loans averaging $1,500 at 15–18 percent annual interest. According to the mission, the reported repayment rate is more than 98 percent, and demand continues to outstrip supply. The program also established eight new small-business development centers and provides training in business management, budgeting, strategic planning, and other professional skills.
This audit will determine whether USAID/Iraq’s Provincial Economic Growth Program is achieving economic diversification and job creation.
Source: Office of Inspector General - ANNUAL PLAN - FISCAL YEAR 2010
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