By John Lee.
The International Organization for Migration (IOM) and the Government of Germany, through the KfW Development Bank, have launched the sixth phase of their ongoing partnership, aiming to create 1,100 new jobs in small and medium-sized enterprises (SMEs) in Iraq, via its Enterprise Development Fund (EDF) component.
The program provides financial capital to SMEs in various economic sectors, with a focus on fostering innovation, supporting women, and promoting green industries.
Full statement from IOM:
Committed to boosting economic recovery and sustainable job creation, IOM and the Government of the Federal Republic of Germany, through the KfW Development Bank, launched the sixth phase of their ongoing partnership, aiming to create 1,100 new jobs in small and medium-sized enterprises (SMEs) in Iraq, via its Enterprise Development Fund (EDF) component.
An innovative program that supports livelihoods and job creation in SMEs through private sector revitalization and economic development in Iraq, the Fund provides financial capital to SMEs in primary, secondary, and tertiary economic sectors with a high demand for labor, with special focus on fostering innovation, supporting women, and promoting green industries. A long-standing partner to and advocate of the Fund, KfW has worked hand in hand with IOM Iraq since 2018 and has supported the creation of over 6,045 jobs in Iraq, funding nearly 1,220 independentbusinesses.
"A driving force behind Germany's commitment in Iraq is to foster economic growth, create employment and contribute to social peace and stability," shares Christiane Hohmann, German Ambassador in Iraq. "Germany supports the Fund to enable Iraqi businesses to build a brighter and sustainable future, while strengthening the resilience of internally displaced persons and empowering women and minorities to become part of the work force".
Since 2018, the Fund has witnessed a steady upward trajectory in overall growth in the number of businesses funded, new jobs created, and existing jobs improved. Investment in SMEs has seen a trickledown effect, with businesses generating new jobs and livelihoods for other members of their community, hosting knowledge exchange and transfer and providing mentorship and guidance to new businesses. The sixth phase of the project will focus on supporting vulnerable populations such as internally displaced persons, returnees, members of host communities, and other conflict-affected populations.
"IOM's continued partnership with KfW and the German government is a testament to our shared vision of a prosperous Iraq with a flourishing economy," says Giorgi Gigauri, IOM Iraq Chief of Mission. "IOM is grateful for the generous contribution that will support ongoing efforts to revitalize the economy, address various socioeconomic challenges and advance national development objectives."
In the coming months, IOM will continue to promote women's economic empowerment, support internally displaced persons, returnees, and host communities, while improving employability through provision of business support packages and vocational training.
"In close cooperation with relevant Iraqi authorities, we will continue our support to SMEs, with a special focus on women entrepreneurs, creating new job opportunities, assisting individuals in securing their livelihoods and providing employment opportunities for public works," adds Dr. Anna-Christine Janke, Director of KfW Iraq.
Nine governorates across Iraq will benefit from project activities: Anbar, Baghdad, Diyala, Dohuk, Erbil, Kirkuk, Ninewa, Salah Al Din, and Sulaymaniyah. Additionally, the funding will allow for continued rapid cash injections directly into communities in need, via short-term employment for public works programs, which also support reconstruction efforts in affected communities. Finally, IOM will rehabilitate key community economic infrastructure to enhance business consolidation and growth.
(Source: IOM)
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