Nomou Iraq Fund
The Nomou Iraq Fund (NIF), managed by GroFin, was launched in 2013 with the objective to build a strong SME sector to help rebuild the economic fabric of Iraq and create sustainable jobs for Iraqis. The Fund aims to support local businesses/SMEs to help rebuild an industrial economy damaged by war and embargoes and to create employment in a region where the fast-growing and predominantly young workforce have limited opportunities.
GroFin initially started its operations in Iraq in Basra, in the south of the country, where the Nomou Iraq Fund has built up a portfolio of SME clients. During 2019, GroFin expanded its footprint in Iraq by establishing Northern Iraq Investments (NII) as a separate vehicle for investments in the Nineveh plains and other areas previously controlled by ISIS.
The operational setup GroFin has put in place and the success achieved so far in driving investment in the SME sector in a challenging market continues to attract the attention and interest of development funders. The Nomou Iraq Fund is working closely with a major European development finance institution to catalyse further investment into the country. This will expand the Fund’s presence and significantly scale up its activities in the coming years.