Baghdad, Iraq — June 2, 2009 — IRD hosted a workshop on June 2 to help Iraqi entrepreneurs find viable options for financial assistance to build sustainable enterprises and support Iraq's private-sector development.

The workshop, titled "Opportunities and Challenges of Micro, Small, and Medium Enterprises," was one of a series of initiatives implemented through the USAID funded Community Stabilization Program (CSP) that helps stabilize communities by offering grants and training to entrepreneurs, among other activities. The program works closely with grant recipients by providing in-kind assets for their businesses and training in basic business skills.

Traditionally, Iraqi banks have not practiced lending to low-income clients to avoid credit risks. To fill the gap in business development, the CSP program has awarded more than $78 million in grants to 10,300 Iraqi businesses. These grants have created or restored jobs for 37,000 Iraqi people, enabling them to contribute to the growing economy.

As Iraq transitions to a more stable environment, the need for in-kind grants such as those offered through the CSP program will end. CSP is conducting workshops offering information about other financial services available in Iraq to help program recipients adjust to the transition and ensure continuity of their businesses.

By demonstrating the viability of micro, small, and medium enterprises, IRD aims to stimulate private sector lending that will advance sustainable and more equitable economic growth in Iraq.