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[size=36]Labor announces the inclusion of 61,000 beneficiaries in the Small Enterprise Support Fund[/size]
Economy | 05:34 - 06/01/2024
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Mawazine News - Baghdad
Today, Saturday, the Ministry of Labor revealed the capital of the Fund to Support Small Income-Generating Enterprises, confirming that the number of beneficiaries reached 61 thousand, and while confirming an increase in its size, it clarified the mechanism for granting loans.
Director of the Fund to Support Small Income-Generating Projects in the Ministry, Hussein Abdel Jalil Hassan, said in a statement followed by Mawazine News, that “the lending fund was established in 2012 in accordance with Law No. It amounted to 267 billion dinars.
He added, "The number of applicants covered by loans since the founding of the Fund has so far reached approximately 61,000 borrowers," noting that "the lending and capital law and loan amounts have currently been amended."
He stated, "The loan amount was previously around 8 million dinars for all categories, regardless of the nature of the project," pointing out, "The fund's capital has been enhanced to become one trillion and 400 billion dinars for the annual plan for three years."
He stated, “The fund targets non-beneficiaries of social assistance based on the decision of the Fund’s Board of Directors, but the law decided to allocate 25 percent of each loan package to the category of protection network beneficiaries, as a package was launched during the year 2023 with a number of up to 2,800 names during the end of November.” He explained, “Citizens have now begun the review.”
He continued, "The follow-up of projects previously was weak due to the limited amounts and the value of 8 million dinars, which does not cover all types of projects. However, at the present time, the loan is granted in two payments, and the applicant for the loan is qualified with a training course in entrepreneurship, business innovation, and how to manage the project, as he graduates from After that, the loan is granted in two installments, provided that the first installment does not exceed 40 percent of the loan value, and after field visits, the second installment is granted.”
He stated, “An electronic application interface has been opened via the Muhann platform, through which the citizen who has a counseling card, meaning registered in the job seekers database, submits his application and reviews on the second day to register for the loan, and also reviews on the third day the loan department in Baghdad or its branches in the governorates for the purpose of Reception and promotion.
He pointed out that “the loan is available through the Muhann platform, direct application and review the next day, provided that the beneficiary is working on a good and acceptable project,” pointing out that “granting the loan requires that the applicant have a project idea and have the ability to manage it, but if he does not... This is because there are vocational training centers available in Baghdad and the governorates, where he can be trained and qualified in any field he desires.”
He pointed out that "the sorting of names is carried out according to the electronic sorting algorithm, which depends on academic achievement and the period of registration in the base, in addition to granting differentiation points for people with disabilities as well as women, at a rate of 10 points within the algorithm."
Today, Saturday, the Ministry of Labor revealed the capital of the Fund to Support Small Income-Generating Enterprises, confirming that the number of beneficiaries reached 61 thousand, and while confirming an increase in its size, it clarified the mechanism for granting loans.
Director of the Fund to Support Small Income-Generating Projects in the Ministry, Hussein Abdel Jalil Hassan, said in a statement followed by Mawazine News, that “the lending fund was established in 2012 in accordance with Law No. It amounted to 267 billion dinars.
He added, "The number of applicants covered by loans since the founding of the Fund has so far reached approximately 61,000 borrowers," noting that "the lending and capital law and loan amounts have currently been amended."
He stated, "The loan amount was previously around 8 million dinars for all categories, regardless of the nature of the project," pointing out, "The fund's capital has been enhanced to become one trillion and 400 billion dinars for the annual plan for three years."
He stated, “The fund targets non-beneficiaries of social assistance based on the decision of the Fund’s Board of Directors, but the law decided to allocate 25 percent of each loan package to the category of protection network beneficiaries, as a package was launched during the year 2023 with a number of up to 2,800 names during the end of November.” He explained, “Citizens have now begun the review.”
He continued, "The follow-up of projects previously was weak due to the limited amounts and the value of 8 million dinars, which does not cover all types of projects. However, at the present time, the loan is granted in two payments, and the applicant for the loan is qualified with a training course in entrepreneurship, business innovation, and how to manage the project, as he graduates from After that, the loan is granted in two installments, provided that the first installment does not exceed 40 percent of the loan value, and after field visits, the second installment is granted.”
He stated, “An electronic application interface has been opened via the Muhann platform, through which the citizen who has a counseling card, meaning registered in the job seekers database, submits his application and reviews on the second day to register for the loan, and also reviews on the third day the loan department in Baghdad or its branches in the governorates for the purpose of Reception and promotion.
He pointed out that “the loan is available through the Muhann platform, direct application and review the next day, provided that the beneficiary is working on a good and acceptable project,” pointing out that “granting the loan requires that the applicant have a project idea and have the ability to manage it, but if he does not... This is because there are vocational training centers available in Baghdad and the governorates, where he can be trained and qualified in any field he desires.”
He pointed out that "the sorting of names is carried out according to the electronic sorting algorithm, which depends on academic achievement and the period of registration in the base, in addition to granting differentiation points for people with disabilities as well as women, at a rate of 10 points within the algorithm."
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