CBI, ILO celebrate success of Financial Inclusion Initiative for MSMEs
The Central Bank of Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) and the International Labor Organization (ILO) commemorated in Baghdad important project milestones.
Through the project, almost 200 loans have been given to prospective business owners, greatly contributing to the creation and maintenance of approximately 1,200 employment opportunities in the governorates of Duhok and Nineveh, according to a statement released by the ILO.
As part of the initiative, about 3,000 young men and women, as well as small and medium-sized project owners, received business and financial training offered by the ILO.
The project targets members of the host community, returnees, and displaced people.
Leading figures in the development and financing of Micro, Small, and Medium-Sized Enterprises (MSMEs) attended the event, which was sponsored by the CBI Governor and featured senior representatives from the Dutch Embassy.
The Deputy Governor of the CBI, Ammar Khalaf, explained that small enterprises face two main problems: the first is accessing the official financial or banking sector; the second is related to guarantees.
“Our joint initiative not only equips the youth with the necessary skills to comprehend the intricacies of starting new businesses but also facilitates access to financing with ample guarantees. We aspire to extend our reach beyond Duhok and Nineveh, fostering further economic empowerment and growth,” Khalaf said.
Iraq’s unemployment rate in 2021 was 16.5 percent; however, the rate for women in the labor market was 28.2 percent, compared to 10.7 percent for men.
Remarkably, the young unemployment rate—which was 35.8 percent—was more than three times higher than the adult rate.