Economy

Prime Minister Barzani launches Project Bloom

From its inception, the KRG ninth cabinet has been supportive of the banking sector as well as SMEs in order to provide a suitable atmosphere for economic diversification.

Kurdistan Region Prime Minister Masrour Barzani delivering remarks at the Project Bloom launch event in Erbil, Sept. 25, 2023. (Photo: KRG)
Kurdistan Region Prime Minister Masrour Barzani delivering remarks at the Project Bloom launch event in Erbil, Sept. 25, 2023. (Photo: KRG)
Kurdistan Masrour Barzani Project Bloom Krg

ERBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani on Monday launched Project Bloom, a loan-giving initiative for small and medium businesses in the Kurdish region. 

Barzani was joined by senior Kurdistan Regional Government (KRG) officials as well as foreign diplomats based in Erbil.

“I am pleased to announce the KRG’s Project Bloom, which provides commercial loans to small and medium businesses,” Barzani said, adding the loans will be given through private banks.

The project is part of the government’s agenda to develop businesses and support the private sector, which has closely cooperated with the public sector in developing the Kurdistan Region’s economic infrastructure in recent years.

Kurdistan Region Prime Minister Masrour Barzani delivering remarks at Project Bloom launch event in Erbil, Sept. 25, 2023. (Photo: KRG)
Kurdistan Region Prime Minister Masrour Barzani delivering remarks at Project Bloom launch event in Erbil, Sept. 25, 2023. (Photo: KRG)

The small and medium businesses constitute about 50 percent of the Kurdistan Region’s transactions and workforce, Barzani said, citing research data.

“Lack of access to financial support has been a major challenge for businesses and trade in Kurdistan Region,” the premier said, adding business owners had been unable to expand their businesses for the same reason.

From its inception, the KRG ninth cabinet has been supportive of the banking sector as well as SMEs in order to provide a suitable atmosphere for economic diversification, the prime minister said.

Kurdistan Region Prime Minister Masrour Barzani launches Project Bloom in Erbil, Sept. 25, 2023. (Photo: KRG)
Kurdistan Region Prime Minister Masrour Barzani launches Project Bloom in Erbil, Sept. 25, 2023. (Photo: KRG)

Supervised by the KRG Ministry of Labour and Social Affairs, the project aims to give up to 150 million dinars in loans to small and medium business owners.

Business owners who wish to access loans should apply through a digital portal in order to make the application.

“This is the first time that the KRG is offering loans to business owners through entrepreneurs and private banks in a professional way to expand their businesses,” Barzani said.

The premier extended his gratitude for the efforts made by the Ministry of Labour and Social Affairs, his staff as well as the entrepreneurs and private banks involved in the project.

Kurdistan Region Prime Minister Masrour Barzani (center) is pictured during the Project Bloom launch event in Erbil along with US Consul General to Erbil Mark Stroh (right) and KRG Minister Kwestan Mohammed, Sept. 25, 2023. (Photo: KRG)
Kurdistan Region Prime Minister Masrour Barzani (center) is pictured during the Project Bloom launch event in Erbil along with US Consul General to Erbil Mark Stroh (right) and KRG Minister Kwestan Mohammed, Sept. 25, 2023. (Photo: KRG)