In a collaborative effort, the International Finance Corporation (IFC), Iraq Venture Partners (IVP), and Innovest Middle East have unveiled a groundbreaking initiative aimed at addressing the challenges faced by entrepreneurs in Iraq reports Iraq Business News.
The newly announced program, titled Scale Iraq, is set to support 20 startups by identifying and addressing their specific needs and gaps. The initiative will design and deliver tailored interventions to assist these startups in raising financing and establishing connections with potential investors.
According to a statement from the IFC, Scale Iraq is an integral part of the broader #ScaleMashreq program. The overarching goal of #ScaleMashreq is to support over 150 startups throughout the Levant region. This program operates under the umbrella of the PROSPECTS Partnership, a global initiative delivered in collaboration with the Government of the Netherlands. PROSPECTS aims to enhance the access of host communities and forcibly displaced individuals to education, social protection, and decent work.
PROSPECTS brings together key organizations, including the IFC, the International Labour Organisation (ILO), the UN Refugee Agency (UNHCR), the UN Children’s Fund (UNICEF), and the World Bank. The collective effort is focused on transforming the way governments and other stakeholders, including the private sector, respond to forced displacement crises. The Scale Iraq initiative represents a significant step forward in fostering entrepreneurship and economic growth in Iraq, contributing to the broader mission of the PROSPECTS Partnership.