New Initiatives in Industrial Services Loans to Propel Small Projects in Iraq
On Tuesday, Labor Minister Ahmed Al-Asadi announced a significant initiative aimed at bolstering small projects across the country through the introduction of a new round of industrial services loans.
In his statement, Al-Asadi emphasized the essential role of these loans in enhancing the capabilities of existing small businesses. He stated, "A new tranche of industrial services loans has been launched to support the currently operational small projects that require development and modernization of their services within the private sector."
The scope of these loans covers both Baghdad and the provinces, adhering to the stipulations of the Industrial Services Law for real small projects (Law No. 30 of 2000). Al-Asadi encouraged potential beneficiaries to swiftly engage with the Department of Labor and Vocational Training in Baghdad or the federal work departments within their respective governorates to expedite the processing of their applications, as per the published guidelines.
This initiative represents a critical step in fostering economic growth through the support of small enterprises, which are often the backbone of the private sector.
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