Basra development fund to launch early next year

19 December 2007
A $75m fund to assist the redevelopment of the Iraqi province of Basra will be in place by March next year.

The Basra Development Fund has been organised by the Basra Provincial Reconstruction Team (PRT) in conjunction with the Economic Sector Working Group, and will provide loans of up to $500,000 to local businesses.

With Iraq’s banking sector still undergoing redevelopment and with few Iraqis having access to credit, the fund has been established to finance the expansion of small and medium sized enterprises which over time, can substantially increase employment opportunities in the southern province.

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