In conjunction with the World Bank Group, Five One Labs launches a new business support program in Iraq. The World Bank Group and Five One Labs, an international startup incubator based in the Kurdistan region of Iraq, are collaborating to lead initiatives in Iraq to assist related startups and micro, small, and medium-sized businesses (MSMEs) that have been forcibly displaced.
The World Bank Group’s Private Sector for Refugees (PS4R) initiative, which builds on programs that have been successful in Jordan, Lebanon, Yemen, Djibouti, and now Iraq, includes this collaboration.
Forcibly displaced people (FDP) and micro, small, and medium-sized enterprises (MSMEs), who continue to be underserved despite existing initiatives, will receive a variety of essential services from Five One Labs through this partnership. This program use PS4R’s instruments and system and will offer business improvement administrations, B2B linkages, limit building, strategy promotion, and occupation coordinating. The objective of the Business Backing Program is to broaden the connections and networks of 100 notable Iraqi businesses.
Upheld organizations will get:
Business-to-business (B2B) connections to encourage growth and collaboration, as well as job matching opportunities for 100 job seekers, with a focus on forcibly displaced individuals, host communities, and women.
As the PS4R team explained:
“Financial mix of FDPs and have networks can add to neighborhood and worldwide monetary development and result in a “mutual benefit” circumstance. By employing them, purchasing from them, and/or investing in FDP-related businesses, the private and financial sectors have the potential to significantly support FDPs.”
Enhancing the capabilities of local sector associations and business intermediaries, raising awareness of policy constraints faced by these businesses, proposing actionable solutions to key institutions, and strengthening global partnerships by promoting public-private dialogue through roundtables and collaborative efforts are some of the other activities that will be carried out throughout the course of 2024.
As a feature of Five One Labs’ ethos of ordering positive change in the pioneering biological system across Kurdistan and Iraq, Five One Labs will work intimately with the World Bank Gathering’s PS4R group to work off their shared involvement with supporting business visionaries, MSMEs, and the venture environment.
Alice Bosley, Leader Chief and Fellow benefactor of Five One Labs, said:
“Five One Labs is respected to collaborate with the World Bank Gathering’s PS4R drive given arrangement in a joint mission to hoist more weak populaces in Iraq through independent work and other business potential open doors.
“We are looking forward to implementing this much needed business advisory program to promote better economic integration for FDPs and MSMEs,” the company said. “We are passionate about supporting entrepreneurs and the growth of businesses.”
This drive will be driven by key individuals from the Five One Labs colleagues, including Shwan Qaradaghi, Overseeing Head of Iraq: Programs, Savo Bakhtyar, Overseeing Head of Iraq: Azza Yehia, Manager at Five One Invest and Ecosystem Growth,
