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Promoting Financial Inclusion for Growth and Development in Iraq

ACCESS TO CREDIT ACCESS TO FINANCIAL SERVICES BANK ASSETS BANK DEBT BANKING LAW BANKING SECTOR BANKING SECTOR ASSETS BRANCHES BUSINESS LOANS CAPITAL REQUIREMENTS CENTRAL BANK CLIENT BASE CODE OF CONDUCT COLLATERAL COMMERCIAL BANKS CONSUMER PROTECTION CONVENTIONAL BANKS CREDIT BUREAU CREDIT INFORMATION CREDITWORTHINESS DEBT DEPOSIT DEPOSITS DISBURSEMENT ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH EMPLOYEE ENABLING ENVIRONMENT ENTREPRENEURS EXPANSION FINANCE COMPANIES FINANCE COMPANY FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL LEASING FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR POLICIES FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SYSTEM FIRMS FOREIGN PARTNERS FORMAL FINANCIAL INSTITUTION FORMAL FINANCIAL INSTITUTIONS FORMAL FINANCIAL SERVICES FREE LOANS FUNDING SOURCES GOVERNMENT INTERVENTION GROWTH RATES HOUSEHOLD WELFARE HOUSEHOLDS HOUSING HOUSING LOANS INCOME INCOME GROUP INCOME-GENERATING PROJECTS INFORMATION SHARING INSURANCE INSURANCE COMPANIES INSURANCE SERVICES INTEREST RATES INVESTMENT CLIMATE LABOR FORCE PARTICIPATION LARGE ENTERPRISES LAWS LEGAL FRAMEWORK LEVEL PLAYING FIELD LOAN LOAN PORTFOLIO LOAN PROCESSING LOAN PROCESSING TIME LOAN PROVISIONING LOAN RECOVERY LOAN SIZE LOCAL INVESTORS MACROECONOMIC STABILITY MARKET DISTORTION MFI MFIS MICRO-ENTERPRISES MICROCREDIT MICROENTERPRISES MICROFINANCE MICROFINANCE INSTITUTIONS MICROFINANCE PROGRAMS MICROFINANCE SECTOR MONETARY FUND MONEY TRANSFERS MOVABLE COLLATERAL NON-PERFORMING LOANS OUTREACH OVERDRAFT PAYMENT SERVICES PORTFOLIO QUALITY PRIVACY PRIVATE BANKS PRIVATE SECTOR DEVELOPMENT PRODUCTIVITY PRUDENTIAL REGULATIONS REGULATORY BARRIERS REGULATORY FRAMEWORK REPAYMENT REPAYMENT PERIOD RESOURCE ALLOCATION SAVINGS SAVINGS ACCOUNTS SMALL BUSINESSES SME SME FINANCE STOCK MARKET SUPERVISORY FRAMEWORK TAX TAX EXEMPTIONS TRADE FINANCE TRANSACTION TRANSACTION COSTS UNEMPLOYMENT UNFAIR COMPETITION
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World Bank, Washington, DC
Middle East and North Africa | Iraq
2014-05-05T16:42:12Z | 2014-05-05T16:42:12Z | 2014-02

A well-functioning financial sector is critical for efficient resource allocation leading to increased productivity, greater investment, and higher overall levels of economic growth. This is particularly critical in Iraq, where years of political instability and violence have impeded the development of a robust private sector, decimated infrastructure and institutions, and caused serious employment challenges. The proportion of individuals with access to formal financial services including credit, savings, and insurance services is critical for improving household welfare by spurring economic activity and helping manage economic shocks. Financial inclusion positively impacts on macroeconomic stability. The extent of financial intermediation causally impacts growth, mostly through lower transaction costs and better distribution of capital and risk across the economy. Microfinance has in recent years become an important mechanism to promote financial inclusion and economic development in Iraq. Microfinance institutions (MFIs) have emerged as credible sources of financing for low income households and microenterprises, both underserved by conventional banks.

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