KABUL, Afghanistan – After a nine-year presence in Afghanistan, the World Council of Credit Unions said it has completed its recent donor-funded program in the country and welcomed the newly created CU trade association, the IIFC Group, as a WOCCU member.
WOCCU reported a network of 34 CUs and points of service, known as Islamic investment and finance cooperatives (IIFCs), in 14 provinces across Afghanistan. As of November 2012, 92,456 IIFC members had accumulated $4.5 million in savings shares. “In the past three years, members have borrowed and repaid US$74 million to grow their farms and small businesses,” WOCCU said.
“World Council provided the institutional and policy framework, training, and technical guidance under extremely difficult circumstances,” said Brian Branch, World Council president and CEO. “The individual IIFC employees and IIFC Group staff have built this network often at great personal risk. We wish them continued success as they work to expand the network and to deliver services to the Afghan people.”