Entrepreneurship funding in Iraq is gaining momentum as the country pushes forward with national development. As a result, Al-Rafidain Bank has launched the second phase of the Riyada initiative. The program focuses on boosting small businesses and supporting Iraqi youth.
Moreover, Al-Rafidain Bank now treats financing as a national duty. The bank wants to shift from oil dependence to private sector growth. Over 8,000 projects received support during the first phase. These projects helped create jobs and grow the local economy.
Now, in the second phase, the bank plans to support over 10,000 new projects. Clearly, this signals strong demand for entrepreneurship funding in Iraq. The Riyada program continues to act as a strong tool for economic recovery.
Furthermore, General Manager Dr. Ali Karim Al-Fatlawi said the bank aims to support youth and drive the market forward. Instead of relying on traditional income sources, the bank promotes innovation and business ownership.
To ensure fairness, each project must pass legal and technical reviews. This ensures the funding process stays responsible. In addition, the bank partnered with Qi Card to make access easier. This move simplifies procedures for all applicants.
Meanwhile, Advisor to the Prime Minister Dr. Hussein Falamrz praised the bank’s proactive role. He encouraged more government support for entrepreneurship funding in Iraq, especially from the Central Bank. He also urged the creation of easy financing options for small businesses.
Also, Al-Rafidain called for a national loan guarantee fund. It recommended merging Riyada into Iraq’s future financial inclusion plans. These changes could strengthen the funding system and attract more participants.
Ultimately, entrepreneurship funding in Iraq offers a path toward a stronger future. By supporting youth and innovation, the country can reduce unemployment and drive growth. This shift toward self-employment represents a new economic direction.
Therefore, the public and private sectors must work together to achieve success. Their cooperation will ensure long-term results. The Riyada initiative shows how Iraq can move from dependency to creativity through targeted support.
