Iraq launches soft-loan initiative for innovative projects to reduce youth unemployment

Baghdad, February 16 (Xinhua) - The Ministry of Labor and Social Affairs Iraqi launched an initiative to support unemployed young people by providing them with soft loans to start projects, an official newspaper El Tuesday reported.

Raed Bahed, General Director of the Ministry's Labor and Professional Training Directorate, told the newspaper Al-Sabah that the initiative includes a competence of different ideas to begin projects To reduce the unemployment rate in the country.

"The initiative or competition covers all the provinces of the country and aims to choose pioneer ideas so that innovative projects are supported by the initiative," al-Sabah He cited Bahed saying.

said the winners would get a loan without interest of up to 20 million Iraqi dinars (US $ 13,675) as well as a one-year training and consulting period in the Projects.

Iraq seeks to reduce its dependence on the export of crude oil, which represents more than 90 percent of the country's income. EndItem

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