Iraq’s state-owned Rafidain Bank has launched the tenth phase of its “Entrepreneurship and Excellence” program. The bank is supporting 80 new projects, providing 1 billion Iraqi dinars to each initiative. With this latest round, the program has backed a total of 1,735 projects. Cumulative support now reaches 22.94 billion dinars.
The program aims to empower entrepreneurship and strengthen small-to-medium enterprises across Iraq. Rafidain Bank’s financial backing ensures timely access to capital, which is essential for business growth. Dr. Ali Karim Hussein Al-Fatlawi, Director General of Rafidain Bank, stressed that the initiative encourages innovation and nurtures the entrepreneurial spirit of young Iraqis.
Furthermore, the Entrepreneurship Directorate at the Prime Minister’s Office actively monitors all supported projects. It provides technical advice and logistical support to ensure the initiatives achieve sustainability. This close collaboration helps businesses thrive while contributing to Iraq’s broader economic development.
The Central Bank of Iraq has recently joined the program, adding additional resources and oversight. This partnership enhances the impact of Rafidain Bank’s investment support and allows more entrepreneurs to benefit quickly. By streamlining funding processes and offering guidance, the program creates a supportive ecosystem for innovators.
Moreover, the program not only targets financial aid but also fosters knowledge sharing. Entrepreneurs gain practical insights that strengthen their management skills. Consequently, projects have higher chances of long-term success. Support from Rafidain Bank plays a vital role in this holistic approach to development.
Therefore, the initiative has received positive feedback from business owners who praise the clarity and speed of assistance. Entrepreneurs report that access to capital and mentorship helps them expand operations and create new jobs. The program also fosters a culture of creativity and enterprise across Iraq.
In addition, Rafidain Bank is planning future expansions to include more sectors and regions. The goal remains to make entrepreneurship accessible and sustainable across Iraq. With strong government support and active monitoring, the initiative continues as a cornerstone of national economic growth.
Overall, Rafidain Bank’s financial support demonstrates Iraq’s commitment to nurturing entrepreneurship. By combining resources, guidance, and oversight, it strengthens the country’s entrepreneurial ecosystem. Entrepreneurs now have greater opportunities to innovate, grow, and contribute to Iraq’s economy.
