The international Labour company (ILO), in partnership with the relevant financial institution of Iraq (CBI) and funded by means of the Italian enterprise for improvement Cooperation (AICS), conducted a five-day training workshop in Erbil to equip Iraqi economic establishments with the information required to broaden green microfinance products helping sustainable small and medium-sized establishments.
individuals from industrial banks, governmental establishments, and microfinance firms explored product diversification strategies, ESG alignment, and impact assessment methodologies as a part of the wider “TAUFIQ initiative” aimed toward facilitating Iraq’s transition to a inexperienced financial system.
This capacity-building workout represents a strategic component of the ILO’s comprehensive technique to selling first rate employment opportunities while strengthening Iraq’s economic region’s ability to guide environmentally sustainable commercial enterprise development in alignment with the united states of america’s 2030 Sustainable improvement targets.
complete declaration from the ILO:
Strengthening the monetary zone’s potential to aid inexperienced growth and respectable Jobs in Iraq
As a part of broader efforts to promote a just transition to a inexperienced financial system and amplify first rate work opportunities in Iraq, the global Labour business enterprise (ILO), with funding from Italy via the Italian agency for development Cooperation (AICS) and in collaboration with the worldwide schooling Centre of the ILO (ITCILO) and the valuable bank of Iraq (CBI), performed a five-day schooling workshop in Erbil from eleven to 15 may additionally 2025. beneath the title “Making green Microfinance work: managing Product Diversification,” the training aimed to equip monetary establishments with the abilties and equipment needed to layout green monetary merchandise that serve sustainable small and medium-sized firms (SMEs) across the united states.
The education is a part of the ILO’s flagship task “closer to more and better Employment through better support to personal Sectors in Southern Iraq – With a focus on green business”, and it is part of crew Europe Initiative for Iraq “TAUFIQ initiative” and represents a crucial step in the direction of advancing Iraq’s transition to a inexperienced economic system and strengthening inclusive economic structures.
The training turned into designed to empower Iraq’s monetary institutions with the understanding needed to increase and diversify financial products that help inexperienced businesses. individuals from the relevant financial institution of Iraq (CBI), business banks, governmental banks, and microfinance establishments (MFIs) won treasured insights into how they could tailor their economic offerings to satisfy the specific needs of companies committed to sustainability. through strengthening this potential, Iraq’s economic institutions are now better located to foster the boom of inexperienced organizations and make contributions to long-term financial and environmental sustainability.
Amaal Ben Awwad, from ILO Iraq team in the course of her comments on the training workshop on “Making inexperienced Microfinance paintings: handling Product Diversification” in Erbil, Iraq. 15 may 2025.
during the training, individuals explored a number of vital subjects, together with strategies for brand new marketplace improvement, where they examined ways to discover and cultivate new green marketplace segments. Product method classes targeted at the advent of inexperienced mortgage products, savings schemes, coverage services, and non-monetary services designed to support SMEs engaged in sustainable practices. The schooling programme also addressed conversation and purchaser dating techniques, in addition to methodologies for tracking and evaluating the effect of inexperienced finance merchandise.
The education additionally delved into worldwide and local green microfinance traits, providing participants with insights into the trendy research and traits inside the field. Discussions covered strategies for product diversification, aligning monetary services with Environmental, Social, and Governance (ESG) standards, and creating outreach projects that encourage SMEs to undertake inexperienced finance solutions. by using combining technical expertise with practical utility, the schooling aimed to build long-term institutional capacity and sell a extra sustainable economic environment in Iraq.
on this context, Maha Kattaa, ILO usa Coordinator for Iraq, stated: “Our partnership with the crucial bank of Iraq, the international education Centre, and all stakeholders in Iraq represents a strategic step toward building a strong green finance atmosphere. It aligns with Iraq’s green growth approach, which promotes environmentally responsible practices and the development of sustainable companies. these efforts additionally make a contribution to the introduction of respectable work by way of empowering financial establishments to guide environmentally and socially orientated small and medium-sized enterprises-fully consistent with the ILO’s imaginative and prescient of promoting social justice and first rate work for all.”
Dr. Ammar Khalaf, Deputy Governor of the valuable financial institution of Iraq, affirmed that “the partnership with ILO in this pivotal initiative is completely aligned with Iraq’s imaginative and prescient to modernize its monetary sector. by way of promoting inexperienced finance, we are not handiest helping business growth however additionally contributing to Iraq’s environmental and sustainability dreams. This partnership equips economic institutions with the necessary tools to build a extra sustainable financial system, in keeping with Iraq’s approach to attain sustainability underneath the 2030 Sustainable improvement agenda. these efforts also are constant with the Environmental, Social, and Governance (ESG) recommendations issued by the vital bank in September 2024, which mandate banks to comply with environmental sustainability standards.”
a part of the training activities “Making green Microfinance work: handling Product Diversification,” workshop held by means of the global Labour business enterprise in Erbil from 11 to 15 may additionally 2025
This interest paperwork a middle aspect of the broader ILO venture” task “closer to greater and higher Employment through improved support to personal Sectors in Southern Iraq – With a focal point on inexperienced commercial enterprise,”. which operates throughout 3 interrelated ranges, every directly linked to the training initiative. at the macro stage, it helps the improvement of evidence-based totally policy hints for micro, small, and medium-sized organisations (MSMEs) through an evaluation of the business surroundings the use of the ILO’s allowing environment for Sustainable companies (EESE) tool, which informs policies for inexperienced and sustainable organisation development. on the meso stage, the training builds the capacity of banks and microfinance institutions to design green finance merchandise, whilst also strengthening business intermediary agencies to deliver continuous abilities improvement. on the micro level, the education complements the SIYB and financial training applications through allowing young people and small business owners in green sectors to get right of entry to financial services-supported via the important bank of Iraq’s four trillion-dinar initiative to offer low-cost financing to MSMEs.
collectively, these efforts represent a complete method to advancing green enterprise improvement in Iraq. with the aid of equipping monetary establishments with the gear and capacities needed to aid environmentally sustainable companies, the initiative lays a strong foundation for inclusive financial boom and first rate task introduction. within the next segment, the international Labour agency, the primary financial institution of Iraq, will offer focused technical guide and steering to members which will increase and put in force inexperienced lending merchandise that cope with the wishes of environmentally impactful small and medium-sized companies across the united states of america, at the same time as additionally strengthening economic inclusion and accelerating the transition to a sustainable economy.
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