The Ministry of Labor and Social Affairs announced on Wednesday its plans to launch a new initiative offering open-amount loans to support strategic projects, in cooperation with international banks.
Ministry spokesperson Hassan Khuwam explained that the ministry continues to support small income-generating projects by providing free economic and technical consultations, in addition to organizing specialized training courses in financial policy, innovation, and entrepreneurship.
He added that the transformation of small projects into large strategic ventures depends mainly on the ambition and willingness of the project owners to expand, noting that the ministry provides access to expertise and trainers to assist them in this process.
Khuwam pointed out that large-scale projects require significant loan amounts. For this reason, the ministry, in collaboration with the International Labour Organization and the German Development Bank, is preparing to launch a new initiative that includes open-amount loans outside the traditional categories of 20, 30, or 50 million IQD. He confirmed that final procedures are underway in coordination with several banks to roll out this program.
