JALALABAD, Afghanistan-Three new investment and finance cooperatives (IFCs), which is how credit unions are referred to in this war-torn country, have now opened here following efforts by the World Council of Credit Unions (WOCCU) and the United States Agency for International Development (USAID). The IFCs opened in Ayback, Puli-Khumri and Jalalabad, the last moving forward even after an unrelated improvised explosive device (IED) detonated one day prior to the grand opening just four miles down the road.
At each of the three grand opening celebrations, members representing the farming and business sectors invested withdrawable shares and received the IFCs' first loans ranging from approximately US$300 to US$500, according to WOCCU. Each IFC has a four-member interim board, with a woman serving on each. Full board elections will be held in April. Since the first IFC opened in Afghanistan three years ago, three are now five in operation representing 5,500 members. New branches are also being planned, as is a national association. USAID is underwriting the development of the IFCs.
