ICFSME News

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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The company commenced 2011 with an extraordinary meeting to discuss with its shareholding banks the notable achievements of 2010, and how to advance in the coming year. ICF-SME’s shareholder banks negotiated an increase in their company share capital to ID 2,352,000,000 by converting a $1 million portion of their USAID $6 million grant into additional company shares.
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ICF-SME held its 7th Advisory Committee Meeting where the shareholders reviewed the activities of the company during the last two months and agreed to cooperate on several marketing and business development initiatives important for expansion of ICF-SME in 2011.
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The Anbar province council sent a written request to the Ministries of Finance and of Planning for approval to release $ 10 Million from its provincial budget to establish an SME loan fund under ICF-SME administration. ICF-SME is planning to meet more province councils to outline the provincial loan fund concept. And in a parallel effort at the national level, the company is coordinating with authorities to arrange the necessary modus operandi and governance structure for transfer of funds. This process will continue in 2011.
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ICF-SME finished finalizing its first annual report, also approved by shareholders and to be published and distributed by September 2010.
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ICF-SME held it’s third shareholders meeting since formation of the company. Shareholders agreed to request approvals within their respective organizations to raise ICF-SME’s share capitalization from $230,000 to $1,000,000 by October/November 2010.
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The company staff visited Erbil Province for a series of meetings including with UNIDO (C. Pasini-Amman) to review program results and future areas for collaboration; also presented in connection with an International Organization for Migration (IOM) study specific Tijara and ICF-SME information useful for possible future collaboration servicing returning refugees from Europe.
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ICF-SME met with Anbar province representatives to review an ongoing funding proposal and plan a joint meeting with the PM Advisory Council. The proposal was submitted to the Governor and it has been agreed that the province authorities would request an allocation from the province budget to support an SME funding program in Anbar province.
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