Baghdad – The Iraqi Private Banks League (IPBL) has launched a guide to facilitate private-sector access to financing, supporting businesses and strengthening the national economy. According to a Sunday (17) announcement, the “Guide to Accessing Finance in Iraq” was created in collaboration with the German development agency GIZ and sponsored by the Central Bank of Iraq.
The guide is “a fundamental tool for empowering entrepreneurs, small and medium-sized enterprises, and all those seeking to contribute to building our national economy,” said IPBL Executive Director Ali Tariq, Iraqi state news agency INA reported.
The director said that many creative ideas and promising projects are unable to move forward due to a lack of clear information on funding sources, available mechanisms, and required procedures. Tariq added that the guide compiles tools and financing options available through banks, financial institutions, and government or international programs.
Access to credit is one of the main challenges for youth and the private sector, according to the executive director of the banks league. “We are entering a pivotal stage in Iraq’s development journey, where the state is working to strengthen and expand the role of the private sector as a partner in building the economy and diversifying income sources,” he said.
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Translated by Guilherme Miranda
