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    Iraqi government’s finance schemes to support SMEs and business innovation


    To support small and medium private-sector projects, the Iraqi government, through the Central Bank of Iraq and with the participation of a number of private and state-owned banks, has made available several types of loans.

    The loans are available to all Iraqis.

    One of the more innovative finance schemes is the Central Bank’s ‘1 Trillion Dinars Initiative’ which is dedicated to supporting small and medium enterprises, as part of the wider Iraqi government strategy to boost economic growth, create new job opportunities, and the production of local goods and services.

     

     

    The ‘1 Trillion Dinars Initiative’ is open to all Iraqis who can apply for loans between 5 and 50 million Iraqi dinars, and under certain conditions, up to one billion dinars.

    Projects by young Iraqi entrepreneurs, especially those that reflect an innovative and creative vision with “outside the box” ideas, are given a priority.

    The Central Bank’s Ahmed Ibrahim Taha, who oversees the initiative says:

    it is essential that the idea behind a project is innovative and ‘outside the box’

    He added that loans are available through this initiative, which is available through 35 public and private banks, to anyone who presents a real, innovative project that contributes to supporting the Iraqi economy.


    From 2015 until 2019, loans from the ‘1 Trillion Dinars Initiative’ financed a variety of projects including 2704 commercial projects, 469 industrial projects, 102 agricultural projects, and 996 tourist and educational projects.

    For more information, and to apply for loans please visit:

    https://tamwil.iq/bigform.html

    There are other initiatives and finance schemes available, including those provided by Iraqi Industrial Bank which has recently reduced the interest rate on its loans from 8% to 6%.

    For more information about the Iraqi government’s vision and policies to build an economy that delivers for all Iraqis and support a diverse and sustainable growth, please follow @IraqiGovt and #InvestIraq on Twitter and the Iraqi Government channel on YouTube.

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