PM Barzani celebrates milestone in Project Bloom, announces second phase, 11 OCT

 ERBIL (Kurdistan24) – Kurdistan Region Prime Minister Masrour Barzani attended a special ceremony marking the completion of the first phase of Project Bloom and officially announced the launch of its second phase. The project, aimed at fostering economic growth and empowering the private sector, has already seen significant success.

In his speech, Prime Minister Barzani expressed his satisfaction with the achievements of the initiative, emphasizing the impact on youth and the wider community. "Healthy governance means serving more citizens, improving their lives, and providing equal employment opportunities for all," he said.

Barzani highlighted that Project Bloom is a key initiative of the ninth cabinet of the Kurdistan Regional Government (KRG). The project, which has been under close scrutiny and development, has now proven successful after a period of testing. He noted that the KRG is committed to ensuring the project’s continued success and has called on private banks to contribute to its future growth.

“This project is designed to provide financial support and foster the economic growth of the private sector, particularly by encouraging banks to offer loans to citizens to start and expand their businesses,” Barzani explained. So far, the KRG has allocated $10 million as a guarantee for banks participating in the initiative, enabling them to issue loans to aspiring entrepreneurs. More than three billion Iraqi dinars ($2.31 million) have already been distributed to help fund local projects.

The Prime Minister also emphasized the government’s commitment to further support initiatives like Project Bloom. In the second phase, more than 100 additional businesses are expected to join the program, offering even more opportunities for economic advancement.

In his message to the youth of Kurdistan, Barzani reiterated the government's dedication to their development. "Our goal is to serve the youth and enhance their abilities, ensuring they can contribute to the progress of the Kurdistan Region," he concluded.