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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    International programs to empower the Iraqi private sector...a plan to finance 1,000 projects

    Rocky
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    International programs to empower the Iraqi private sector...a plan to finance 1,000 projects Empty International programs to empower the Iraqi private sector...a plan to finance 1,000 projects

    Post by Rocky Wed 21 Feb 2024, 2:03 pm

    [size=38]International programs to empower the Iraqi private sector...a plan to finance 1,000 projects[/size]


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    February 21, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: A report by the DavidScore economic news website revealed the challenges facing the activation of economic diversification in Iraq, which relies mainly on oil exports for its resources and the dominance of the public sector, pointing to the International Labor Organization (ILO) proposing a program initiative to enable small and medium private sector projects in Iraq. This is in cooperation with the German Development Bank KFW, which aims to develop the capabilities of young people and provide them with job opportunities that contribute to strengthening the future of the country’s economy.
    The report states that the international initiative titled “Program for Promoting Small and Medium Enterprises in Iraq” is a cooperative program that paves the way for projects with sustainable financing that focus on supporting the energies of young men and women that contribute to providing them with prestigious job opportunities and at the same time enhance the aspect of Iraqi economic diversity. .
    The report indicates that despite Iraq's abundant oil resources, the dominant role of the public sector, which contributes only 30% of the gross domestic product, constitutes an obstacle to economic diversification, as the country suffers from high unemployment rates and a complex work environment.
    According to the World Bank’s report on job opportunities issued in 2020, Iraq ranked 172nd out of 190 countries in the field of easing procedures for implementing projects, in addition to other compliments represented by contract negotiations and cross-border trade, especially the ease of obtaining financial credit, as Iraq ranked 186th out of a total 190 countries.
    One of the biggest obstacles to empowering the private sector is the limited access to financing for many Iraqis, at a time when only 7% of GDP is allocated to private sector credit.
    The Iraqi Bancassurance Company plays a vital role in mitigating credit risks, but it faces obstacles in expanding access to financing for small projects.
    The new five-year plan initiative, extending from January 2024 to December 2028, provides financing in the amount of $21.5 million provided by the German government through the German Development Bank, dedicated to enabling access to financing for small and medium enterprises in Iraq, which comes in harmony with the priorities of the government’s program to support the private sector. In order to create solid job opportunities, especially for the youth segment, according to the report.
    ILO Coordinator in Iraq, Maha Qataa, says that this program paves the way for an important step towards building a more comprehensive and sustainable Iraqi economy, noting that by activating the potential of small and medium enterprises, we not only create job opportunities, but also stimulate and develop economic growth.
    In partnership with the German Development Bank, the International Labor Organization will further support the private sector to play its role in providing respectable and sustainable job opportunities for young men and women.
    Chargé d'Affaires of the German Embassy in Iraq, Maximilian Rasch, said that small and medium enterprises are the nucleus of the success of economic development not only in Iraq but also in Germany. These projects create job opportunities, accelerate growth and contribute to the prosperity of the economy. In partnership with the International Labor Organization and the credit company. Iraqiya We are addressing one of the most important obstacles facing small and medium enterprises in Iraq, which is the possibility of obtaining appropriate financing services.
    Anna Christine Jenk, Director of the German Development Bank office in Iraq, said that the development of the private sector, especially small and medium enterprises, plays a major role in economic growth. However, the main obstacle to the growth of this sector in Iraq has been identified, which is the limited provision of financing for projects. Small and medium. We feel comfortable in partnering with the International Labor Organization and the Iraqi Credit Company in providing financial credit to Iraqi banks so that they can expand their small and medium projects, especially to support young energies in the country.
    The Permanent United Nations Coordinator to Iraq, Ghulam Ishaq, said that this new joint program not only aims to provide financing for small and medium-sized projects for young people, but it also represents a testimony to the role of cooperation between multiple bodies and organizations, including the United Nations, the government, and local and international bodies in Iraq, and an indication of The United Nations and international organizations pledge to create comprehensive opportunities to build the components of a sustainable, diversified economy that benefits all Iraqis.
    The United Nations coordinator added that the program aims to support more than 1,000 small and medium projects through financial credit guarantees. This will be done by establishing outlets for this service for projects within private financial institutions by implementing an effective credit guarantee method through the Iraqi Banking Guarantees Company.
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