IMMDF was created in 2004 by Global Communities (www.globalcommunities.org), at the initiative of the United States Government and with the support of Overseas Private Investment Corporation (www.opic.gov), to finance projects of Iraqi private small and medium-size enterprises that generate employment and economic growth in Iraq (SMEs).
We have been financing SMEs since 2005 with loans received under three long-term credit facilities signed with OPIC in a total amount of US$ 120 million.
Global Communities created and registered IMMDF in Texas, United States of America, as an unrelated company under Section 501 (c) (3) of the U.S. Tax Code. Global Communities provides certain administrative and technical support to IMMDF under a Consulting Agreement.
Since 2005, IMMDF has disbursed almost US$ 80 million in 4 to 5-year loans directly to 53 SMEs, at an average of US$ 1,5 million per loan, to finance projects that generated employment and economic growth in Iraq. These loans created or sustained a total of 1,680 direct jobs at those 53 SMEs between 2005 and 2016, in addition to thousands of indirect jobs at their suppliers and clients.
Through its offices in Erbil, Kurdistan, and Amman, Jordan, IMMDF is today the only organisation in Iraq that provides medium and long term financing to private sector SMEs in Iraq.