(Iraq Business News, 02/23/2012)
The Iraqi Company for Bank Guarantees (ICBG) is a privately-owned non-banking financial institution that guarantees repayment of up to 75% of loans, ranging from $5,000 up to $250,000, that private commercial banks extend to small and medium enterprises (SMEs) in Iraq. Early this year, the company reached a significant milestone when it surpassed $50 million of loan guarantees on loans disbursed to SMEs.
$50 million may not seem like a lot of money in big financial circles. But for the 4,000 entrepreneurs who have started or expanded their businesses thanks to timely, guarantee-assisted bank financing, $50 million has made all the difference for success.
Back in 2006, when the U.S.