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The Minister of Labor announces the imminent launch of new batches of loans for the unemployed
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Minister of Labor and Social Affairs, Adel Al-Rikabi announced, on Sunday, the imminent launch of a new batch of loans for job seekers and the unemployed, while explaining the reason for the lack of applicants for the business incubators program.
Al-Rikabi said in a press interview with the Iraqi News Agency, which was followed by "Al-Eqtisad News", that "the ministry will launch the 30th batch of loans during the next few days," indicating that "the number of loans will reach from 4 thousand to 5 thousand loans for all governorates."
He added, "The mechanism for distributing loans to the provinces will be through the governorate, which has a higher recovery rate of loans, which will have more loans," stressing that "the loans will be without interest."
He pointed out that "the loan controls stipulate that the borrower must be registered in the Ministry of Labor database as a job-seeker or unemployed, regardless of his academic achievement, provided that he submits a small income-generating project." He will refund the amount to the ministry according to controls set for this purpose. "
Regarding the business incubators program, Al-Rikabi explained, "The program grants a loan of 20 million to each applicant according to strict controls, indicating that" applicants for the program are very few due to the strict controls set by the ministry, provided that there is a project that is actually on the ground and has reached the production stage The ministry follows it up for a year.
He continued, "The sums are available for this program, but the applicants are few," noting that "the reason for the ministry's strictness comes in order for there to be real projects of economic feasibility and the borrower bears the consequences of returning this amount in the event that no real production project is completed."
He noted that "the ministry will have understandings with the General Secretariat of the Council of Ministers and the Central Bank in order to obtain a new batch of loans for the fund for financing small income-generating projects during the next few years."
Al-Rikabi went on to say that "the ministry will have understandings with the ministries of planning and finance to launch new loan payments for the unemployed more than one payment during the next few period. He
indicated that there are 80 projects within the business incubator loans funded by the Department of Labor and Training at the Ministry of Labor," stressing These projects are successful and many unemployed work in them.
And he stated that "an exhibition was held in conjunction with the Ministry of Industry to display the products of these projects."
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