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International interest in financing small and medium enterprises in Iraq
Economical 2023/03/30
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Baghdad: Hussein Thaghb Al-Tamimi
The Association of Iraqi Private Banks and the Dutch Spark Organization discussed during a workshop the reality of financing small and medium enterprises, and the mechanisms for providing financing to move the reality of the national economy, in the presence of representatives of government institutions.
The representative of the Ministry of Commerce, Muhammad Hanoun, indicated that "the ministry, through the Private Sector Support Department, considers it necessary to advance the reality of small and medium enterprises that have created a positive impact in the world's largest economies, and it is possible to benefit from this qualitative and important experience."
Sherwan Anwar Mustafa, a specialist in financial affairs, said: "The financial sector and the Association of Private Banks support the provision of financial financing to small and medium enterprises for their vital role in building the national economy, especially after it has proven successful in the largest global economies," pointing out that "the government-supported SPARK organization The Dutch came to contribute to building local capabilities and reviving this joint
the economist".
And he indicated: "The reality of small and medium enterprises in Iraq has witnessed great progress during the past years, as it started with a few projects in Baghdad and the provinces, despite the number of limitations that confuse the reality of work, but the results were encouraging."
He added, "The supporting organizations and projects that were funded during the last period can be described as successful and useful, as they continued to build technical capabilities and achieved great growth, but we need to expand this continuous experience to include the largest number of beneficiaries," calling on "international organizations, including Spark, to present support to this
Industry".
He pointed out that "providing loans to Iraqi youth is important to start establishing their own projects through financing from the banking system."
The media spokesman for the Dutch Spark organization, Ali Ali, talked about the access to financing project, in cooperation with the support of the US Agency for Development and the Spark organization, and said: "The goal of the project is access to financing for small and medium enterprises, and we are working to build the capacities of Iraqi banks to facilitate the access of loans to projects to advance the reality of the private sector, At the same time, we effectively train the management of these projects through experts in the employment of loans in order to obtain development loans
their orientations.
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, had demanded that these projects contribute strongly to the development of the local economy, pointing out that most of them are complementary to large strategic projects, as is happening in the countries of the developed world, pointing out that "the past ten years witnessed a successful experience in This field has been loaned thousands of projects through the device
banker".
He stressed that "the success of the economic experiments adopted by the world's largest economies in Iraq is a step on the road to building an integrated economy, as medium and small projects were adopted as a first step to address the general economic reality and the family economy in particular. This experience, according to those in charge of it and the beneficiaries, was able to achieve success and benefit for the economy."
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