KRG Youth Projects Sup­port Fund con­tin­ues al­lo­cat­ing loans

The Kurdish Globe - - NEWS -

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.

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