Promoting the development of small and medium-sized enterprises

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The project aims to address key growth obstacles in Iraq's private sector. The focus of the project is on small and medium-sized enterprises (SMEs), which have little or no access to external capital due to the weak financial sector and are therefore unable to fully exploit their growth potential. The project therefore aims to improve access to financing opportunities for SMEs and to prepare SMEs for the use of financial services through advisory and training measures. The aim of the project is to promote the economic development of SMEs in Iraq. The measures should primarily include improving access to financial services and other advisory and support measures for the SME sector. Potential approaches here include a refinancing and guarantee facility for Iraqi financial institutions. This provision of liquidity, coupled with capacity-building measures, is intended to provide Iraqi banks with resources and know-how to offer the SME sector adequate financial services. The first sub-measure of the project is aimed directly at SMEs and is intended to prepare them for the use of financial services. In cooperation with the International Organization for Migration (IOM), training and education measures are offered to promising SMEs in order to create the business foundations necessary for obtaining loans. The project is intended to contribute to the creation of economic prospects and employment opportunities and to enable socially inclusive growth in the SME sector. The project is being implemented in Iraq.