Baghdad: The European Bank for Reconstruction and Development (EBRD) announced the launch of a comprehensive package of financing and development programs for small and medium-sized enterprises (SMEs) in Iraq. This package includes specialized consulting services and financing facilities. The launch was accompanied by the introduction of the Star Venture program, aimed at high-potential startups.

According to National Iraqi News Agency, during the official launch ceremony, attended by representatives of government agencies, financial institutions, and the private sector, the EBRD Board of Directors reviewed its strategic priorities in supporting the private sector and enhancing the business environment.

The bank also announced that applications are now open for Iraqi startups to join the Star Venture program, which provides international consulting support and opportunities to access investor networks and regional and global markets.

‘This launch marks a significant milestone in our partnership with Iraq,’ said Katarina Bj¶rlin Hansen, the EBRD’s Country Manager for Iraq. ‘We believe in the potential of the Iraqi private sector and are committed to supporting entrepreneurs and enhancing their ability to grow and compete internationally.’

The European Bank for Reconstruction and Development (EBRD) began its operations in Iraq in September 2015, with a strategic focus on private sector development and promoting sustainable economic growth.

The bank’s support is based on a comprehensive mix of financing, advisory services, and enhanced networking with the business and investor ecosystem.