Established in 2003 soon after the fall of the Saddam regime, CHF International’s Access to Credit Services Initiative (ACSI) has since become a major factor in the economic reconstruction and stabilization of Iraq. In April 2008, this microlending program, which provides low-income Iraqis access to much-needed financial services and access to capital, officially issued its 50,000th loan.

One of the most remarkable aspects of this program is the fact that ACSI clients repay their loans on time 99.9% of the time. These loans ($2,500 for 12 months, on average) are a rare but undeniable indicator of progress in Iraq. Operating in 11 governorates in Iraq—including the cities of Baghdad, Karbala, Najaf and Basra—ACSI is bringing economic opportunity to thousands of family-owned businesses across this conflicted nation, in spite of the ongoing instability and uncertainty faced by families and business-owners on a daily basis.

Making a Tangible Difference:

ACSI provides small, affordable loans to Iraqi individuals who do not otherwise have access to sufficient capital. Families use these loans for home improvement or to expand their small-businesses, thereby improving quality of life; enhancing their financial stability and personal safety, and improving local economies in hundreds of communities across Iraq. These loans are used to:

• restock inventory or equipment destroyed by the ongoing conflict;
• repair damaged walls and roofs, or construct additional rooms for relatives who have been displaced from their own towns;
• open additional outlets or small retail stores;
• modernize refrigeration, display, storage and smallscale manufacturing equipment.

Since its inception, ACSI has:

• Disbursed a record $102 million in loan capital
• Placed $13 million in capital in the hands of women entrepreneurs and female-headed houselholds
• Maintained a 99.9% on-time repayment record; having written off only $38,800 since inception.
• Stimulated local economic development to create stable employment and financial security for a quarter of a million vulnerable Iraqis.