Prime Minister of the Kurdistan Regional Government (KRG), Masrour Barzani, has officially launched the second phase of Project Bloom, following the successful completion of its initial stage. The announcement came during a ceremony in Erbil, where the Prime Minister praised the initiative’s role in driving economic growth and empowering the private sector.

In his speech, Barzani highlighted the achievements of Project Bloom, noting its significant impact on both youth and local communities. “Good governance means serving citizens, improving their lives, and ensuring equal job opportunities for all,” Barzani said, stressing the importance of such initiatives for the region’s development.

Project Bloom, a major initiative of the KRG’s ninth cabinet, has already proven successful, with the government working closely with private banks to encourage investment in small and medium-sized enterprises (SMEs). The KRG has allocated $10 million as guarantees for banks, facilitating the distribution of more than three billion Iraqi dinars ($2.31 million) in loans to local businesses during the first phase.

Looking ahead to the second phase, Barzani confirmed that more than 100 additional businesses are expected to benefit from the program. The Prime Minister emphasized the government’s ongoing commitment to supporting the private sector and creating new opportunities for economic growth.

Barzani also addressed the youth of the Kurdistan Region, reaffirming the government's dedication to their development. "Our goal is to empower young people, enhance their skills, and ensure they contribute to the future progress of Kurdistan," he said.

The Prime Minister concluded by urging continued collaboration between the public and private sectors to ensure the success of Project Bloom and drive sustainable development across the region.