The UN’s International Labour Organization (ILO) and the Central Bank of Iraq have partnered with the Iraqi Company for Bank Guarantees and three commercial banks over the past two years to provide a range of services to forcibly displaced people, returning refugees and host communities in the Dohuk and Ninewa regions of Iraq. These services include loans to 200 micro-, small and medium-sized enterprises (MSMEs) and training for 3,000 people in financial and business topics. The effort, which is focused on serving youth, reportedly resulted in 1,200 jobs being created or preserved.
Ammar Hamad Khalaf, Deputy Governor of the Central Bank of Iraq, said, “Our joint initiative not only equips the youth with the necessary skills to comprehend the intricacies of starting new businesses, but also facilitates access to financing with ample guarantees.”
The program is part of PROSPECTS, a collaboration of several entities of the UN and the World Bank Group that is funded by the government of the Netherlands and operates in Egypt, Ethiopia, Iraq, Jordan, Kenya, Lebanon, Sudan and Uganda.
Founded in 1919, ILO has 187 member states. Its mission is to “advance social and economic justice” by setting international labor standards and policies for sustainable employment and working conditions. For the years 2022 and 2023, ILO has a total budget of USD 852 million.
By Rohan Kumar Agarwal, Research Associate
Sources and Additional Resources
ILO press release
https://www.ilo.org/beirut/media-centre/news/WCMS_902206/lang–en/index.html
Central Bank of Iraq homepage
https://cbiraq.org/
Iraqi Company for Bank Guarantees homepage
https://icbg.iq/
ILO profile of the PROSPECTS program
https://www.ilo.org/pardev/news/WCMS_725948/lang–en/index.htm
Previous MicroCapital article on ILO
https://www.microcapital.org/microcapital-brief-ilo-uncdf-to-expand-picap-climate-microinsurance-program-to-8-pacific-countries/
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