Baghdad (IraqiNews.com) – On March 4, 2023, Iraqi Prime Minister Mohammed Shia Al Sudani officially launched the Riyada Initiative, a groundbreaking program aimed at empowering Iraqi youth with the necessary skills to enter the job market or establish their own businesses. The initiative was introduced in response to Iraq’s high unemployment rate, which reached 15.6% in 2023, as reported by the International Labor Organization (ILO).
Program structure and opportunities
Participants of the Riyada Initiative undergo a comprehensive training program designed to foster entrepreneurial and professional growth:
- Five-day business workshops: Intensive sessions covering essential topics in business and management, delivered by qualified trainers across various training centers in all Iraqi provinces.
- University collaboration: A one-month integrated program for university students developed in partnership with continuing education institutions.
- Loan opportunities: Graduates of the initiative are eligible to apply for loans of up to 20 million Iraqi dinars with an annual interest rate of just 2%.
Key achievements and statistics
During a recent meeting with stakeholders from both public and private sectors, IraqiNews.com gathered exclusive data on the initiative’s impact:
- Participants: Over 192,000 students have enrolled in the program, with Baghdad leading in participation (114,000 students), while Kirkuk and Maysan reported the lowest participation numbers (10,000 each).
- Trainers: A total of 593 trainers are involved across all provinces, each conducting two sessions per month.
- Applications: Upon its launch, the initiative received 415,000 applications through its online portal.
- Graduates: 19,235 students have graduated from the initiative so far.
A unique public-private collaboration
The Riyada Initiative stands out as a rare convergence of Iraq’s public and private sectors, creating a unified platform to address unemployment and entrepreneurship challenges. This collaboration has sparked diverse opinions among researchers and professionals in Iraq’s job market. Nonetheless, many view the initiative as pivotal in fostering a robust entrepreneurial ecosystem in the country.
“Riyada Initiative by the Iraqi Prime Minister’s Office has great potential to support the Iraqi ecosystem by investing in the hidden potential of Iraqi minds,”.
– Hasan Al Haidari, founder of the Iraqi Business Society, in an exclusive statement to IraqiNews.com.
A vision for Iraq’s future
The Riyada Initiative envisions transforming Iraqi universities into creativity hubs by influencing the educational system and nurturing innovation among students. While some question its long-term effectiveness, the initiative has already empowered tens of thousands of young Iraqis to start small businesses and contribute to their local economies.
Also, check out: Dubai ruler awards Iraqi artist Dia Al-Azzawi ‘Great Arab Minds’ award.
As the program continues to unfold, its true potential to advance Iraq’s economy and entrepreneurial landscape will be revealed. With the right support, particularly in providing government funds for graduates, Riyada could become a cornerstone of Iraq’s economic resurgence and a beacon of hope for its youth.
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