Ahmed al-Hashimi, Deputy Executive Director of the Iraqi Private Banks League (IPBL), participated in a workshop titled "Program for Creating Long-Term Opportunities for Small and Medium-Sized Enterprises in Iraq," which explored ways to support SMEs and strengthen their long-term sustainability and growth in the Iraqi market.

The Iraqi banking sector has played a significant role in supporting SMEs through direct lending to business owners, alongside support for companies, programs, and platforms dedicated to entrepreneurship, al-Hashimi emphasized during the workshop.

He highlighted the sector's support and sponsorship of initiatives such as Ruwwad al-Iraq, the Station (al-Mahatta), and Baghdad Business School, among others, which aim to equip entrepreneurs with the training and skills necessary to enter the Iraqi market and establish successful businesses.

The Central Bank of Iraq (CBI) and the Iraqi Private Banks League have also played an active role in supporting SMEs through various initiatives designed to streamline procedures and reduce administrative obstacles, helping entrepreneurs overcome challenges and improve their businesses' prospects for success and continuity, he added.

Al-Hashimi also highlighted the revitalization of Baghdad's historic Old City center as an example of the broader economic impact of development initiatives. Shops that previously closed at 3 p.m. now remain open well past midnight, reflecting the substantial growth in commercial and economic activity across the area.

The revitalization has generated thousands of employment opportunities, supported by funding from the Central Bank of Iraq and the banking sector's commitment to community development initiatives, he noted.

He stressed that the impact of such initiatives extends beyond restoring historic districts to stimulating local economic activity, creating employment opportunities, and improving livelihoods.

These experiences demonstrate the importance of directing banking support toward development and community initiatives, alongside financing and training, to empower SMEs and strengthen their contribution to Iraq's economic growth and sustainable development, al-Hashimi concluded.