Context
COVID-19 Adaptation and Recovery Pilot (CARP) is a development cooperation initiative financed by the International Bank for Reconstruction and Development (World Bank Group) and is implemented by GIZ on behalf of the Iraqi Ministry of Finance. The outbreak of COVID-19 in Iraq has not only strained the country’s health system but also its private sector. By building capabilities of firms in the field of tech adoption, digitalization and providing access to liquidity, CARP aims at supporting the Iraqi private sector eco-system to become more resilient and adaptive post pandemic
Objective
CARP aims at supporting the resilience of viable micro small and medium enterprises (MSMEs) and the sustainability of their intermediaries through capacity enhancement and access to finance in Iraq.
Approach
CARP is directly supporting the Central Bank of Iraq to strengthen the institutional framework of the microfinance sector while working directly with Micro-Finance Institutions, MSMEs and start-ups. CARP leverages Iraqi MSMEs by focusing on the added value that can be brought to enterprises through digitalization. In doing so, CARP aims at laying the foundations for a much larger growth program based on financial inclusion and SME support measures.