The Kurdistan Regional Government has launched the second phase of the Gashanawa Project. It will provide financial support to 100 small and medium enterprises across the Kurdistan Region.
Each approved business may receive between IQD 1 million and IQD 150 million. The government said the funding would help increase local production and create hundreds of jobs.
The new phase will give priority to businesses in the agricultural and industrial sectors.
Gashanawa Project Supports Private-Sector Growth
The Gashanawa Project is part of the KRG Ninth Cabinet’s plan to expand the private sector. It also aims to reduce the Region’s reliance on public-sector employment and income.
The program provides concessional loans and other forms of financial support. It targets young people, entrepreneurs and innovators who want to turn business ideas into working enterprises.
Kwestan Mohamad, the KRG Minister of Labour and Social Affairs, said the Office of the Prime Minister and her ministry jointly manage the project.
She described the program as one of the government’s main economic initiatives.
Related: Kurdistan Region Investment Exceeds USD 25 Billion Across 856 Projects
First Phase Supported 25 Enterprises
The first phase of the Gashanawa Project provided support to 25 small and medium enterprises.
According to Mohamad, 24 of those businesses met their stated goals. She said the results gave the government more confidence as it prepared the second phase.
The new phase will expand the program to 100 enterprises. Participating businesses will be expected to hire more employees and contracted workers.
The KRG said the program would create new employment opportunities across the Kurdistan Region. It will also encourage businesses to produce more goods within the Region.
Agriculture and Industry Receive Priority
Agricultural and industrial businesses will receive priority during the second phase.
Support for these sectors could help the Kurdistan Region produce more food and manufactured goods locally. It may also reduce reliance on imported products.
The KRG said the wider goal is to strengthen the economy, support private businesses and provide more employment outside the public sector.
Further information about applications, eligibility rules and the distribution of funds was not included in the announcement.
Reference: Department of Media and Information, Kurdistan Regional Government (KRG)
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