KRG Youth Projects Support Fund continues allocating loans
The Kurdistan Regional Government, KRG, Ministry of Labour and Social Affairs continues its youth microcredit programme, which consists of allocating small loans to those young people, up to 35 years old, who plan to start their own businesses.
Director of Youth Projects Support Fund at the Ministry of Labour and Social Affairs, Aram Anwar, told KRG website that the ministry has so far approved 75 percent of the loan applications that the Ministry has received, and allocated loans from 1,000,000 to 15,000,000 Iraqi dinars.
The programme was introduced in July 2011. According to the latest statistics, registered early this month, 7315 citizens benefited from the programme and a total amount of IQD 76,557,700,000 of loan has been allocated to fund business in various sectors such as agriculture, commerce and tourism.
“While other government loans are given back to the treasury when reimbursed, the Youths Projects Support Fund has a rotating account, enabling us to continue allocating new loans with the reimbursed amounts”, said Aram Anwar.
He pointed out that this programme has helped scores of households to have access to financial resources and has created many job opportunities for others.
According to Aram Anwar, the loans that are allocated for the youth do not have interest rate and are to be reimbursed within six years. The businesses they develop are free of tax for five years.