Iraq Launches New Initiative to Back Its Entrepreneurs
The initiative is set to bolster 20 startups by delivering customized interventions that cater to their specific needs and gaps.
The International Finance Corporation (IFC), Iraq Venture Partners (IVP), and Innovest Middle East have jointly launched the Scale Iraq initiative to back Iraqi entrepreneurs.[1]
The initiative is set to bolster 20 startups by delivering customized interventions that cater to their specific needs and gaps. The primary focus will be on facilitating fundraising efforts and establishing connections with potential investors, providing a significant boost to the entrepreneurial landscape in Iraq.
Scale Iraq is an integral component of the IFC's broader initiative, Scale Mashreq, which is dedicated to supporting over 150 startups throughout the Levant region. Operating under the umbrella of the PROSPECTS Partnership, this global initiative is a collaborative effort with the Government of the Netherlands and is designed to enhance access to education, social protection, and decent work for host communities and forcibly displaced individuals.
PROSPECTS brings together key organizations, including the IFC, the International Labour Organization (ILO), the UN Refugee Agency (UNHCR), the UN Children's Fund (UNICEF), and the World Bank. It seeks to support startups by enhancing the response of governments and other stakeholders, including the private sector, to crises caused by forced displacement, thereby creating a more sustainable and supportive environment.