The Impacts of a Big Financial Push and Blended Finance for SMEs in Iraq

Last registered on December 26, 2025
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Pre-Trial

Trial Information

General Information

Title
The Impacts of a Big Financial Push and Blended Finance for SMEs in Iraq
RCT ID
AEARCTR-0017426
Initial registration date
December 11, 2025

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
December 26, 2025, 2:04 AM EST

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

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Primary Investigator

Name
Razan Amine
Affiliation
University of Cambridge
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Other Primary Investigator(s)

PI Name
Simon Quinn
PI Affiliation
Imperial College London
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PI Name
Muhammad Meki
PI Affiliation
University of Oxford
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PI Name
Julia Smith-Omomo
PI Affiliation
International Organization for Migration
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Additional Trial Information

Status
On going
Start date
2024-04-20
End date
2029-06-01
Keywords
Finance & Microfinance, Firms & Productivity
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Despite constituting the majority of firms in Iraq and contributing to nearly 90% of private-sector employment, small and medium-sized enterprises (SMEs) remain underdeveloped. SMEs have the potential to act as catalysts for economic growth and development in Iraq and other post-war settings, aiding in recovery and generating resources to address socio-economic challenges associated with the return and reintegration of displaced populations. In collaboration with the International Organization for Migration (IOM), we are currently running an RCT involving SMEs that are seeking to expand substantially their business operations, and with a clearly specified set of investments and funding requirements.
External Link(s)

Registration Citation

Citation
Amine, Razan et al. 2025. "The Impacts of a Big Financial Push and Blended Finance for SMEs in Iraq." AEA RCT Registry. December 26. https://doi.org/10.1257/rct.17426-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Firms are randomly assigned to one of five arms:
1. Pure control (no intervention during the study period),
2. Investment Readiness (IR) training only,
3. Enterprise Development Fund (EDF) grant only,
4. EDF grant plus mandatory IR training, and
5. EDF grant plus IR training with a required 50% matching contribution by the firm (Blended Finance arm).
Intervention Start Date
2024-05-07
Intervention End Date
2027-06-01

Primary Outcomes

Primary Outcomes (end points)
Primary outcomes are grouped into the following outcome families: Take-up and Compliance, Overall Business Status, Overall Business Outcomes, Business Assets
Primary Outcomes (explanation)
This is discussed in detail in the pre-analysis plan.

Secondary Outcomes

Secondary Outcomes (end points)
Secondary outcomes are grouped into the following outcome families: Employment Composition, Business Expenditure, Business Financing, Household Expenditure
Secondary Outcomes (explanation)
This is discussed in detail in the pre-analysis plan.

Experimental Design

Experimental Design
This study is a multi-arm randomized controlled trial with firm-level randomization, stratified by governorate and baseline firm size. Firms are assigned in equal proportions to one of five arms: control, training only, grant only, grant plus training, and grant plus training with a required 50% matching contribution. Data are collected at baseline and at 6, 12, 18, and 24 months after treatment.
Experimental Design Details
Not available
Randomization Method
Done in office by a computer.
Randomization Unit
Firm-level randomization.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
No clusters.
Sample size: planned number of observations
1500
Sample size (or number of clusters) by treatment arms
--300 firms: Control
--300 firms: Training only (IR)
--300 firms: Grant only (EDF)
--300 firms: Grant + Training (EDF + IR)
--300 firms: Grant + Training + 50% Contribution (Blended Finance)
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
University of Cambridge Department of Economics The Humanities and Social Sciences Research Ethics Committee [HSSREC]
IRB Approval Date
2024-02-19
IRB Approval Number
HSS REC reference 24.356
Analysis Plan

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