The Riyada initiative in Iraq has entered its second phase, aiming to fund even more local projects. Al-Rafidain Bank launched this phase after funding over 8,000 projects during the first stage. Those projects received more than 107 billion IQD, showing major demand for small-scale financing. This initiative promotes self-employment and supports a shift from oil-based income to productive enterprise.
Importantly, the Riyada initiative in Iraq targets youth-driven businesses across many sectors. Dr. Ali Karim Al-Fatlawi, General Manager of Al-Rafidain Bank, said financing is now seen as a national mission. This new approach encourages the creation of value within Iraq’s economy. Instead of depending on oil revenue, Iraq will now support young entrepreneurs and local markets directly.
Furthermore, Dr. Al-Fatlawi confirmed that new project applications are under review. Each proposal undergoes both legal and technical evaluation before approval. The goal is to ensure strong and sustainable businesses. These funded ventures could provide jobs, increase local goods, and spark more growth across Iraq.
In addition, advisor Dr. Hussein Falamrz revealed that over 10,000 projects are ready for funding. He also praised Al-Rafidain’s cooperation with Qi Card, which made the process much easier for applicants. This digital integration has helped simplify paperwork and speed up the distribution of funds.
Moreover, Al-Rafidain Bank called for wider support from national institutions. The bank especially requested help from the Central Bank of Iraq. Broader financial backing could increase the reach and impact of the Riyada initiative in Iraq. National participation will help scale the initiative and create a wider economic effect.
Officials believe this movement will transform Iraqi financing in the long term. By promoting youth enterprise and strategic funding, Iraq can build a more resilient economy. Many new business ideas are now coming from younger generations who seek more than government jobs. That cultural change is also a step toward economic freedom.
Al-Rafidain’s efforts prove that smart financing can support development in practical ways. With added support, the Riyada initiative in Iraq could fund tens of thousands of projects. That means more jobs, more production, and stronger communities across the country