Rafidain Bank launches Phase II of Entrepreneurship Initiative
By John Lee.
Iraq's state-owned Al-Rafidain Bank has announced the launch of the second phase of its "Riyada" initiative [Iraqi Riyada Network for Access Development and Advancement, IRADA Network], following the success of the first phase, which it says funded over 8,000 productive projects with a total of more than 107 billion IQD [$82 million].
The program, aimed at promoting self-employment and stimulating the local economy, marks a shift from traditional financing to a strategic developmental tool.
General Manager Dr. Ali Karim Al-Fatlawi emphasized that the bank now views financing as a national mission to support youth, enhance local markets, and build a productive economy beyond rent-based practices. Funds have been allocated for new projects submitted through Riyada, subject to technical and legal evaluations.
Dr. Hussein Falamrz, advisor to the Prime Minister, highlighted that more than 10,000 projects are ready for funding. The bank says he praised its proactive approach and collaboration with Qi Card to simplify procedures.
Al-Rafidain called for broader national involvement, particularly from the Central Bank of Iraq (CBI), to establish: Easy financing windows for startups,
A national fund to guarantee entrepreneurial loans,
Integration of the Riyada initiative into the upcoming financial inclusion strategy.
The bank sees entrepreneurship as a pathway to economic revival, driven by empowering young people rather than merely employing them.
(Source: Al-Rafidain Bank) Tags: Central Bank of Iraq (CBI), cg, Entrepreneurship, featured, financial inclusion, Iraqi Riyada Network for Access Development and Advancement (IRADA Network), Micro- Small- and Medium-sized Enterprises Development Agency (MSMEDA), micro-small-and medium-enterprises, MSMEs, Qi card, Youth
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