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Somalia Bank Gives Microfinancing to Rebuild Economy Hit by War

International Bank of Somalia said it’s lending citizens as much as $1,000 to start businesses such as grocery stalls, as the Horn of African nation recovers from decades of civil war that ruined the economy.

The lender, based in the capital, Mogadishu, has distributed about $600,000 in cash to some 700 recipients since it began the program this year, according to Chief Executive Officer Hassan Ahmed Yusuf. The loans range in value from $100 to $1,000 and are given interest-free, with women representing 89 percent of recipients, he said Tuesday in an interview at his office in the city.