The National Bank of Iraq (NBI) Offers Banking Services to the Incubatees of Orange Corners Baghdad Cohort 5 As Part of the Orange Corners Innovation Fund (OCIF) Program.
On Wednesday, June 22, KAPITA Business Hub hosted the National Bank of Iraq (NBI) in order to create bank accounts for all participants of Orange Corners Baghdad cohort 5 as the next phase in the Track-1 Orange Corners Innovation Fund program implementation process.
The NBI staff provided an orientation session on the bank and the services it offers.
Isam Samara, Director of Marketing and Corporate Communications at Capital Bank of Jordan, spoke briefly about NBI's support for such an important initiative to support young Iraqi entrepreneurs and businesses, which aligns with Capital Bank of Jordan's goal of being the right banking partner for all Iraqi startups.
Earlier this month, the OCIF team held two orientation sessions: one for the entire program and one for Track 1.
Ongoing one-on-one meetings with incubatees are still utilized in order to get to know the participants, their businesses, and financial position and to provide support throughout the program.
Orange Corners Innovation Fund “OCIF” is a program by the Ministry of Foreign Affairs of the Kingdom of Netherlands. The program aims to support emerging fund managers with capital to invest in early-stage startups and stimulate innovation and improve access to finance for entrepreneurs across Africa and the Middle East.
The OCIF program will support the Orange Corners Baghdad incubator; another program by the Ministry of Foreign Affairs of the Kingdom of Netherlands and being implemented by KAPITA. OCIF aims to support the incubatees with grants, investments and a set of investment readiness training. The program will be available to incoming cohort five incubators and previous cohorts of OC Baghdad.
The program will consist of two types of investments; Track 1 and Track 2. Incubatees in OC Baghdad will be entitled to a monthly stipend and a grant for services. Track 2 investments will include a larger investment for outstanding incubatees that will consist of a grant and a zero-interest loan.