Sunday, August 14, 2022

Baghdad

United States contributes $6.4m to the Enterprise Development Fund in Iraq

 United States contributes $6.4m to the Enterprise Development Fund in Iraq

Al-Shudaa Bridge near Al Mutanabi in Baghdad, Iraq. (Source: Gheath Bader)

Baghdad (IraqiNews.com) – The United States have contributed $6.4 million to the Enterprise Development Fund (EDF). According to the US Embassy in Baghdad, the United States’ injection has assisted over 350 businesses and created at least 1,500 jobs for Iraqi citizens.

The International Organization for Migration (IOM) launched the EDF in 2018 with the intention to finance Small and Medium Enterprises (SME). Since the program was initiated, EDF has invested $17 million into Iraqi businesses, empowering the private sector to create nearly 5,000 jobs in Iraq. According to the IOM, the organization is a segment of the United Nations group.

The EDF program has been backed by countries and unions aside from the United States including the European Union, Japan, Germany and the Netherlands.