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

According to National Iraqi News Agency, the official launch ceremony saw participation from representatives of government agencies, financial institutions, and the private sector. During the event, the EBRD Board of Directors outlined its strategic priorities to bolster the private sector and improve the business environment in Iraq.

The EBRD has also opened applications for Iraqi startups to join the Star Venture program. This initiative offers international advisory support and opportunities for startups to connect with investor networks, as well as access to regional and global markets.

Katarina Bj¶rlin Hansen, the EBRD’s Country Manager for Iraq, remarked that the launch represents a significant milestone in the bank’s partnership with Iraq. She emphasized the bank’s belief in the potential of the Iraqi private sector and its commitment to supporting entrepreneurs to foster growth and international competitiveness.

The EBRD commenced its operations in Iraq in September 2015, focusing strategically on private sector development and promoting sustainable economic growth. The bank’s support strategy involves a combination of financing, advisory services, and enhanced networking with the business community and investors.