Iraq: 2008 will be a year of eliminating unemployment
Iraq Updates
Iraqi Minister of Labor and Social Affairs, Mahmoud Al-Sheikh Radhi, said, during his meeting with donors of small and medium-sized enterprises in the city of Baghdad, that the loan scheme implemented by the ministry aims to develop local economy in the capital, and pledged to work to apply it in other governorates of Iraq; he revealed that the project has succeeded in providing 6157 loans which helped to provide 18 thousand jobs in various sectors, mainly the productive ones.
He explained that attempts are underway to transfer the Baghdad experience to other provinces which will present in their respective loans for 3 thousands projects, with the exception of Basrah which will present 5 thousand loans, expressing his hope that the new year will be the start of the second year of facilitated loans for the development of private projects which are estimated by 50 thousand and will provide 125 job opportunities. He pointed out that the reason for choosing loans instead of grants is that the latter do not stimulate the project owner to work seriously for the success of the project, while loans do.
He noted that the preference in granting loans will be for the unemployed graduates of universities and institutes, but that will not prevent the project from including ordinary people in support of the free economic business. Radi wished that the year 2008 will be the year of reducing unemployment and the provision of job opportunities for all Iraqis.