2023-12-03T06:54:58+00:00
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The National Bank of Iraq announced, on Sunday, its success in financing more than 23 projects for small and medium-sized companies in Iraq worth 340 million Iraqi dinars, explaining that this comes within the “Horizons for Entrepreneurship” initiative launched by the International Labor Organization and the Central Bank of Iraq with the support of the government. Netherlands, while specifying the financing conditions.
The Executive Director of the National Bank of Iraq, Ayman Abu Dhaim, said in a press statement received by Agency, “By providing this financing, we seek to support small and medium enterprises in Iraq, enhance financial inclusion for youth and small and medium enterprise owners, and provide the necessary financial services that help them in Establishing and developing their own businesses, and confronting other barriers in the business environment.”
Abu Dhaim added, “Through this initiative, we aim to contribute to achieving economic and social development in Iraq, create new job opportunities, and enhance youth participation in the labor market. Realizing that financing is one of the most important factors that help in the success of small and medium enterprises, we are committed to providing Financial and logistical support for these projects to ensure their success.”
The initiative, Abu Dhaim, stipulates that the project must be owned and managed by an individual or displaced Iraqi individuals or members of host communities (women and men), and that the project must not be less than six months old for emerging projects for young people (young men and women) who wish to start their projects, and that the project idea must be serious and clear with support. With an economic feasibility study and a feasible business plan, it must be under establishment and the project must not be more than six months old.
The initiative, in which the National Bank of Iraq is participating, aims to support young people and owners of small and medium enterprises in Iraq by providing financial financing, technical support, and training. The projects that were funded within the framework of the initiative included the agricultural, industrial/productivity sectors, and new and non-duplicated digital, service, or commercial technology. .
According to a statement issued by its management, the National Bank of Iraq today tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached 2.8 billion dollars, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200 thousand customers. They are served by more than 1,000 employees, 27 branches and 200 ATMs.
What challenges do small and medium-sized enterprises face in Iraq despite initiatives like “Horizons for Entrepreneurship”?
Interview: A Conversation on the “Horizons for Entrepreneurship” Initiative
Time.news Editor: Good morning, Dr. Saad Al-Masri! Thank you for joining us today. We’re excited to get your insights on the recent initiatives taken by the National Bank of Iraq, especially related to small and medium-sized enterprises (SMEs).
Dr. Saad Al-Masri: Good morning! It’s a pleasure to be here. The recent developments in Iraq’s economic landscape are certainly worth discussing.
Editor: Indeed! The National Bank of Iraq announced financing for over 23 projects amounting to 340 million Iraqi dinars under the “Horizons for Entrepreneurship” initiative. Can you explain the significance of this initiative for small and medium-sized enterprises in Iraq?
Dr. Al-Masri: Absolutely! This initiative represents a critical step towards fostering entrepreneurship in Iraq. SMEs are the backbone of any economy, particularly in a country recovering from years of instability. The funding provided aims not only to support these businesses financially but also to promote economic diversification and resilience.
Editor: Ayman Abu Dhaim, the Executive Director of the National Bank of Iraq, highlighted that this initiative is designed to enhance financial inclusion for youth and entrepreneurs. How do you see this impacting the job market and economic growth in Iraq?
Dr. Al-Masri: Financial inclusion is essential for empowering young entrepreneurs who often face barriers in accessing capital. By providing them with the necessary financial services, we’re enabling them to launch their ventures, which can create new job opportunities and stimulate economic activity. When young people have the tools to succeed, they are more likely to participate actively in the labor market and contribute to sustainable growth.
Editor: It’s encouraging to hear how this initiative not only provides funding but also addresses broader social and economic challenges. What barriers do you believe remain for SMEs in Iraq, and how can initiatives like this help overcome them?
Dr. Al-Masri: Despite this positive step, barriers such as bureaucratic red tape, lack of infrastructure, and limited access to markets still exist. Initiatives like “Horizons for Entrepreneurship” can alleviate some of these issues by providing more than just funding; they can offer logistical support and training. This holistic approach is vital in equipping entrepreneurs with the skills and resources they need to thrive.
Editor: Training and logistical support are crucial indeed. What role do you think international partnerships, like the one with the government of the Netherlands, play in the success of such programs?
Dr. Al-Masri: International partnerships are instrumental in bringing expertise, resources, and global best practices to local initiatives. The collaboration with the Netherlands enhances the credibility of the programme while also providing access to valuable networks and knowledge that can empower Iraqi entrepreneurs. It’s about creating a supportive ecosystem where local businesses can flourish.
Editor: Thank you, Dr. Al-Masri! Before we wrap up, what message would you like to share with young entrepreneurs in Iraq who might be looking at this initiative as an opportunity?
Dr. Al-Masri: I encourage young entrepreneurs to seize this opportunity and take advantage of the resources available to them. This is a chance to innovate, create, and make a difference in your communities. Remember, the journey of entrepreneurship is challenging, but with resilience and the right support, you can overcome the hurdles and contribute significantly to Iraq’s economic future.
Editor: Wise words indeed! Thank you once again for your valuable insights, Dr. Al-Masri. It’s heartening to see such initiatives taking shape in Iraq, and we look forward to seeing the positive impact they will have in the years to come.
Dr. Al-Masri: Thank you for having me! I’m optimistic about the future of entrepreneurship in Iraq.