ICFSME News

ICF-SME’s Managing Director departed from the company to pursue a different project. The shareholders designated the Deputy MD as the Managing Director contingent upon Central Bank approval.
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The Company received the draft financial audits of the Inma Grant program in English for review and discussion pending formulation of final conclusions.

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ICF-SME published its 2010 Annual Report, which will be distributed to a wide audience of interested parties.

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As the company’s By Laws call for regular meetings for the shareholders where they can review the activities of the company. ICF-SME shareholder banks held their 2nd advisory committee meeting on 27th July to discuss funds utilization, late repayments, USAID/Inma Grant Program, and the Capital Formation Process seeking international donors and other sources of funds.
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The ICF-SME program disbursed its 1,000th loan during July 2011. This milestone occurred almost exactly two years after the company’s shareholder bank network began lending in early July 2009. The ICF-SME program is now rapidly approaching the $20 million mark of total loans disbursed.
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The Company received the final version of the financial audits according to the Iraqi standards and according to the IFRS standards. Those results are presented in the 2010 annual report to be published in Aug, 2011.
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Critical to accurate loan monitoring is accurate bank reporting. Therefore ICF-SME has developed a loan software program to streamline bank loan reporting and eliminate reporting inconsistencies.
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ICF-SME collected shareholder proceeds sufficient to convert $1 million of the USAID-Tijara grant into share capital, thus raising it to 2,352,000,000 shares of a nominal value of one ID per share. It must now complete all the legal documentation --- shareholder minutes, revised articles, bank confirmation of funds placement, etc. --- to file with the Registrar of Companies for confirming validation of its higher capital level.
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ICF-SME shareholders confirmed that its external auditor for the 2010 Annual Report would be Farquad Salman. The audit is proceeding and a final published annual report may be out as early as April, 2011.
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Another key development is that the company may start a new line of business whereby it would lend directly to SMEs in addition to carrying out its principal activity, namely, allocating and monitoring loan capital deployment into SMEs through its commercial bank network.
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