IOM partners with Asiacell to support economic recovery in Iraq

The ISIL conflict displaced 6 million people in Iraq, disrupted the national economy and limited employment opportunities for citizens. Sixty percent of jobs in Iraq are in the private sector, within Small and Medium Enterprises (SMEs); very large numbers of those businesses experienced loss as a result of the conflict and need support to rebuild.

In Fallujah, for example, an International Organization for Migration (IOM) market assessment found that 69 percent of construction businesses and 66 percent of food-related businesses saw their workshops looted or burned between 2014 and 2017. Mosul and numerous other areas also showed high levels of damage and limited access to finance – challenges that the Enterprise Development Fund (EDF) is designed to help businesses overcome.

IOM Iraq signed a memorandum of understanding with telecommunications company Asiacell to support innovation under the EDF – a livelihoods programme that contributes to economic recovery and private sector revitalization through tailored support to Small and Medium Enterprises.

The innovation component (EDFi) supports early-stage tech businesses and tech start-ups in Iraq that can contribute to the local economy and create jobs for young people in the tech sector.

“We strongly believe that the engagement of the private sector is a necessary condition for successful and sustainable economic recovery and job creation,” said IOM Chief of Mission Gerard Waite. “IOM Iraq looks forward to a long, productive collaboration with Asiacell, as we work to expand job creation and improve economic opportunities across Iraq.”

EDF aims to restore essential economic infrastructure by providing financial capital to SMEs in economic sectors that were successful prior to the conflict but suffered loss and damage and have a high demand for labour. By targeting key sectors and providing necessary funding, the EDF encourages rapid but also large-scale job creation. The fund has received hundreds of applications since the pilot phase was launched in September 2018, and 142 business grants have been approved to date.

EDF forms part of IOM’s work in support of the people and the Government of Iraq to promote sustainable recovery across the country.

Original source: IOM
Published on 06 August 2019