Central Bank of Iraq to Launch Dedicated SME Financing Entity
The bank will consolidate existing funding programs and introduce new mechanisms to expand access to credit, particularly for businesses that lack sufficient collateral.
The Central Bank of Iraq has announced plans to launch Riyada Bank, a new institution designed to provide financing and support for small and medium-sized enterprises (SMEs) and startups across the country. The bank will consolidate existing funding programs and introduce new mechanisms to expand access to credit, particularly for businesses that lack sufficient collateral - one of the biggest barriers to growth for early-stage companies. Building on previous initiatives in collaboration with the Iraqi Company for Bank Guarantees, Riyada Bank aims to reduce financing risks while streamlining loan approvals. The move is part of Iraq’s broader strategy to diversify its economy, foster entrepreneurship, and strengthen the role of SMEs in driving long-term growth.
