Micro-credit plan announced by the KRG

[talsor]

Speech by KRG Prime Minister Nechirvan Barzani

Dear guests, good morning and welcome to this event.

I am pleased and privileged to be here with you today to announce the opening of the Bright Future Foundation (BFF) for Microcredit in the Kurdistan Region.

With this programme thousands of people in our region with benefit from small loans which will improve their living standard through small business projects.

The concept of microcredit is spreading quickly around the world. It helps to provide short-terms loans. This system will help people to develop new business projects or expand already existing businesses.

If we look at the Kurdistan Regional Government’s (KRG) programme, we see that the government has promised to reduce unemployment and further develop the private sector. This microcredit system does exactly this.

We support these programmes because we want our people to rely on themselves and their own capabilities. In this way, we show our people that we care about all strata of society.

We want to encourage our people to think of new ways of securing their lives and well-being. It is very important that we all encourage a strong work ethic and collective cooperation. This system also encourages initiative and helps to foster trust amongst the population.

There may be other programmes of this kind in the Kurdistan Region, but the BFF will have a special plan for our region. It will concentrate on fields that have not been the focus of previous work.



Rules of the Micro-credit Loans


Quote:

First, BFF for microcredit is a non-governmental, private sector organisation. It works independently and freely without interference from the government or any political party. All of the foundation's decisions are based on sound financial analysis and commercial principles.

Second, BFF gives loans to individuals and small businesses according to the criteria set by its board of directors. These loans are awarded to people and must be repaid over a defined period of time so that the same money can be used to finance loans to others. The money returned from the first loans will be reused for subsequent loans. In this way, every individual participating in this programme will be responsible for the continuation of the programme. Anyone who does not abide by the terms and conditions is violating a legal contract and harming other people by depriving them of the same opportunity.

Third, we were motivated to start this programme in order to encourage the spirit of creativity and innovation.

Moreover, there is much international financial support to help such programmes.

The general criteria for making loans are:


Those who have small projects they want to enlarge.


Those who submit sound and appropriate plans to expand their business.


Those individuals who have good plans to start new businesses.


The ability to repay the loan within the allotted time.

Part of this money will be allocated to award loans to rural inhabitants, especially to women, in order that they can rely on themselves to start and manage home-based business.

The general criteria for making loans are:



Those who have small projects they want to enlarge.


Those who submit sound and appropriate plans to expand their business.


Those individuals who have good plans to start new businesses.


The ability to repay the loan within the allotted time.

Part of this money will be allocated to award loans to rural inhabitants, especially to women, in order that they can rely on themselves to start and manage home-based business.

[Vladimir]

Nice speech. Sometimes you don't know what to think with this fierce Kurdish opposion in the diaspora to the KRG. I wonder what you think about that Talsor.