Kurdistan Region Prime Minister Launches Project Bloom to Support Small and Medium Businesses
Erbil, Kurdistan Region - September 25, 2023: In a significant move aimed at fostering economic growth and supporting the private sector, Kurdistan Region Prime Minister Masrour Barzani unveiled "Project Bloom" on Monday. This initiative is designed to provide much-needed financial support to small and medium-sized businesses (SMEs) within the Kurdish region.
Prominent Attendees: Prime Minister Barzani was joined at the project's launch by high-ranking Kurdistan Regional Government (KRG) officials and foreign diplomats stationed in Erbil.
Boosting SMEs: "I am pleased to announce the KRG's Project Bloom, which provides commercial loans to small and medium businesses," Prime Minister Barzani declared during the event. These loans will be facilitated through private banks, marking a concerted effort by the government to bolster the region's business landscape.
Economic Significance: Highlighting the pivotal role played by SMEs in the Kurdistan Region's economy, Barzani cited research data indicating that these businesses constitute 50 percent of the region's transactions and workforce. The lack of access to financial support had long posed a significant challenge to these enterprises, hindering their expansion potential.
Government Support: The KRG's ninth cabinet has consistently advocated for the banking sector and SMEs, striving to create a conducive environment for economic diversification, according to Prime Minister Barzani.
Loan Distribution: Supervised by the KRG Ministry of Labour and Social Affairs, Project Bloom aims to provide loans of up to 150 million dinars to small and medium business owners. To apply for these loans, business owners are required to submit their applications through a dedicated digital portal.
Professional Approach: Prime Minister Barzani emphasized the uniqueness of this initiative, stating, "This is the first time that the KRG is offering loans to business owners through entrepreneurs and private banks in a professional manner, enabling them to expand their businesses."
Gratitude Expressed: Barzani extended his gratitude to the Ministry of Labour and Social Affairs, his dedicated staff, and the entrepreneurs and private banks involved in bringing Project Bloom to fruition.
In Conclusion: Project Bloom represents a significant stride towards empowering SMEs and strengthening the private sector in the Kurdistan Region. With the support of this loan initiative, small and medium businesses are expected to play an even more crucial role in the region's economic development.