12-05-2025
Al-Rafidain Bank launches Phase 2 of Riyada initiative: 10,000 new projects eyed for funding
Baghdad ( – Al-Rafidain Bank today (Monday, May 12, 2025) launched the second phase of its 'Riyada' initiative, aimed at funding entrepreneurial projects across Iraq. This follows a successful first phase that saw over 8,000 individual projects financed with more than 107 billion Iraqi dinars.
Director General of Al-Rafidain Bank, Ali Karim Al-Fatlawi, stated the bank now views such funding as a 'strategic national development tool' to support youth, stimulate local markets, and build a productive economy. Prime Minister's Advisor, Hussein Fallamarz, noted that over 10,000 new projects are ready for financing in this second phase.
Al-Fatlawi emphasized that sufficient funds are allocated, pending project assessments, and called on institutions like the Central Bank of Iraq to create accessible financing for startups and a national loan guarantee fund for entrepreneurs. He highlighted Al-Rafidain's transformation into a leading national platform for entrepreneurship.
The initiative, praised for its collaboration with Qi Card in streamlining processes, marks a significant government-backed push to foster self-employment and boost Iraq's local economy through empowering its emerging business talent.
