Labor Ministry to launch new loan program for women entrepreneurs

BAGHDAD, Iraq — Iraq’s Ministry of Labor and Social Affairs said it will soon launch a comprehensive loan program to support small and medium-sized projects run by women. The ministry said the initiative will be carried out in partnership with Germany’s International Cooperation Agency. Atur al-Musevi, director of the ministry’s Women’s Social Protection Department, said the program is designed to reduce obstacles women face when applying for loans, simplify procedures and ease administrative requirements. She said interest rates will also be lowered in line with economic and social conditions, especially for women without a source of income and for families in greatest need. The project is intended to strengthen women’s capacity in project management and financial planning, and to make access to formal financing sources easier, the ministry said. It added that the work is funded by Germany’s Federal Ministry for Economic Cooperation and Development, while technical and implementation support will come from the International Cooperation Agency in Germany.