By John Lee.
Iraq's banking sector has been playing an active role in supporting small and medium-sized enterprises (SMEs) through direct lending and backing for entrepreneurship platforms, according to the Iraqi Private Banks League (IPBL).
Ahmed Al-Hashimi, Deputy Executive Director of the IPBL, made the remarks at a workshop titled "Programme for Creating Long-Term Opportunities for SME Owners in Iraq." He said the banking sector had supported SMEs through direct loans as well as sponsorship of entrepreneurship platforms including Rowad Iraq, Al-Mahatta, and the Baghdad School of Business.
Al-Hashimi added that the Central Bank of Iraq (CBI) and the IPBL had contributed to various initiatives to simplify procedures for SME owners. He cited the revitalisation of Baghdad's old city as an example of banking-supported community development, noting that commercial activity in the area had expanded significantly, with shops now operating past midnight compared to earlier closing times of 3pm. He said the initiative had helped create thousands of jobs.
(Source: Iraqi Private Banks League)
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