By John Lee. The World Bank projects Iraq's economy will shrink by 0.9 percent in 2025, marking a downgrade of 2.3 percentage points from the April forecast. The contraction is mainly attributed to reductions in oil output as Iraq adjusts production to align with OPEC+ commitments. However, economic growth is expected to rebound strongly to […]
By John Lee. The International Labour Organization (ILO) has launched the Credit Guarantee Fund to empower small and medium enterprises (SMEs) in Iraq. The scheme is a partnership with the Ministry of Labour and Social Affairs (MoLSA), with funding from the German Ministry for Economic Cooperation and Development (BMZ) through the German Development Bank (Kreditanstalt […]
By John Lee. Iraq's state-owned Rafidain Bank has announced the release of the tenth tranche of its "Entrepreneurship and Excellence" initiative, financing 80 projects with 1 billion Iraqi dinars each. This brings the total number of projects funded since the programme's launch to 1,735, with cumulative financing of 22.94 billion dinars. The initiative, launched under […]
From the International Labour Organization (ILO): Iraq launches business registration guide to promote formalization and decent work The guide is a practical resource for entrepreneurs and micro, small, and medium-sized enterprises (MSMEs), offering a clear, step-by-step process to register their businesses. Iraq's Ministry of Trade, in cooperation with the International Labour Organization (ILO) and with […]
By John Lee. Central Bank of Iraq (CBI), in cooperation with the International Labour Organization (ILO), the Iraqi Company for Bank Guarantees (ICBG), and several Iraqi banks, has provided significant financial and training support to displaced persons and host communities in Nineveh and Duhok governorates under the Afaaq programme. The initiative has since been replicated […]
By John Lee. The Iraqi Ministry of Planning held a workshop on August 7, 2025, to review and discuss the final draft of the National Policy for the Development of Micro, Small, and Medium Enterprises (MSMEs). This policy is set to be adopted as a key national document supporting this vital sector, with ongoing technical […]
By John Lee. The Central Bank of Iraq (CBI) has launched the "Knights" [Al Fursan] programme, a locally-developed initiative aimed at fostering youth entrepreneurship and supporting the private sector's role in national economic development. The launch event, held at the CBI's headquarters on 25 June 2025, was attended by Governor Ali Mohsen Al-Allaq, who emphasised […]
By John Lee. Under the patronage of Central Bank Governor Ali Mohsen Al-Allaq, a workshop has been launched to support the implementation of the bank's new strategy to increase private sector lending, with a focus on small and medium-sized enterprises (SMEs). In his opening remarks, Governor Al-Allaq emphasised the bank's commitment to addressing challenges in […]
By John Lee. Prime Minister Mohammed S. Al-Sudani has launched the operations of the Permanent Council for the Development of the Private Sector in Iraq. The initiative aims to strengthen the role of the private sector in the national economy and address key legislative and institutional barriers. Prime Minister Al-Sudani highlighted the Council's responsibility to […]
By John Lee. Prime Minister Mohammed Shia' Al-Sudani addressed the Conference on Reforming the Iraqi Banking Sector on Monday, outlining an ambitious agenda to modernise Iraq's financial infrastructure and promote sustainable economic development. Key initiatives and achievements highlighted in the Prime Minister's address include: Implementation of a three-year national budget, enabling long-term planning and strategic […]
By John Lee. Germany's Frankfurt School of Finance and Management has won a contract with the International Labour Organization (ILO) to, "enhance the operational efficiency and effectiveness of the Iraqi Company for Bank Guarantees (ICBG)." The contract value was not disclosed. According to information provided by the UN, the project has four primary objectives: Optimize […]
By John Lee. The Prime Minister of Iraq has directed the allocation of land for the creation of an industrial city dedicated to small businesses, particularly those supported under Riyada Initiative [Iraqi Riyada Network for Access Development and Advancement, IRADA Network]. Mohammed S. Al-Sudani said that, to date, the initiative has granted loans to around […]
