- Today 22:00
The Director General of the Private Sector Development Department at the Ministry of Commerce, Muhammad Hanoun, announced, on Wednesday, that the Central Bank of Iraq will support the initiative to support small and medium enterprises, in a way that contributes to supporting large sectors of society.
And the department stated in a statement, which it received / information /, that "its general manager met with the Governor of the Central Bank, Ali Mohsen Al-Alaq, and discussed with him the initiative to support small and medium enterprises."
Hanoun pointed out that "the meeting with the Governor of the Central Bank was positive and fruitful and resulted in directives to provide financial support for small and medium enterprises to groups of the private sector that seek financial support," noting that "a large number of Unemployed youth are looking for self-financing sources for the purpose of supporting their projects. In a way that contributes to achieving self-sufficiency and developing their businesses in line with their professional specializations.
He added, "The Private Sector Development Department in the Ministry of Commerce works in various ways to find sources of financing for small and medium enterprises, based on what was stated in the government program that emphasizes the support of the private sector."
He pointed out, "The meeting with the governor will achieve positive results, to support these projects and to go to large segments of society looking for financial support."
He explained, "Small and medium enterprises are characterized by their high ability to provide job opportunities and need relatively low capital to start activity in them, and they are also characterized by their ability to hire semi-skilled and unskilled workers and give an opportunity for On-the-job training to raise capacities and skills,” noting that “these projects The risk ratio is lower compared to the big companies and contribute to improving productivity and generation and increasing income.”
For his part, the Governor of the Central Bank stressed, “The importance of coordination with a private or government bank, for the purpose of providing material support from the Central Bank to spend on these projects in a manner consistent with the instructions and laws in force." ended 25 n
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