Announcement

Credit Unions Support Legal Crops

A second Islamic Investment and Finance Cooperative will open in Kandahar.

Kandahar, Afghanistan | Sunday, February 15, 2009

Photo: USAID/Afghanistan

IIFC clients purchasing tractor plows for their fields in Kandahar.

Plans are in place to establish a second Islamic Investment and Finance Cooperative (IIFC) in Kandahar, providing essential access to credit for citizens. IIFCs are community-based, member-owned institutions that provide a wide range of Sharia-compliant financial services, and their presence has contributed to local employment creation and economic growth.

The first IIFC in Kandahar was established in July 2008 and now has 600 members. During the second week of January, 60 farmers joined the credit union and received $30,000 in loans. Access to credit provides farmers with the resources to grow legal crops instead of opium poppy, contributing to security and stability in the region.

USAID/Afghanistan Bi-weekly Highlights Double Issue: 1/16/2009-2/15/2009 2/15/2009

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