The Kurdistan Regional Government (KRG) is enhancing its support for small and medium-sized enterprises (SMEs) through the launch of the second phase of the Gashanawa Development Project. This initiative aims to stimulate economic growth by providing long-term financial assistance to local businesses. Loans ranging from 100 to 150 million Iraqi dinars are being offered, with only a 2% administrative fee and no traditional bank interest.
The first phase of the project yielded significant results. From 140 applicants who submitted proposals via the official portal, 25 businesses were selected and collectively received a total of 2.76 billion dinars. This funding enabled the creation of 69 new jobs and the introduction of advanced production equipment into the market. These businesses are projected to grow by 73.5%.
Nehro Jawhar, Executive Director of the Small Projects Support Fund within the Ministry of Social Affairs, confirmed the success of the initial phase based on reports from the evaluation team. He announced that each selected business received 150 million dinars and affirmed that the second phase of the program is expected to be implemented this year, with applications opening soon.
The upcoming phase is anticipated to extend these benefits to a wider range of enterprises, further strengthening the region’s private sector and contributing to long-term economic development.
