The First Syrian Conference for Banks and Funding Small Projects launched

Damascus, SANA – the First Syrian Conference for Banks and Funding Small Projects under the title of “I will support my Country and Start Working from Now” was launched on Tuesday with the participation of representatives from public and private banks and institutes for funding small projects, insurance companies and other service companies.

Minister of State for Developing the Northeastern Area and Investment Affairs, Abdullah Khalil, pointed out establishing the Small and Medium Project Development Commission which cares about developing the sector of projects and setting an introductory guide for targeting the projects with support programs and organizing the mechanisms of funding and support.

The Minister said that holding this Conference is a step forward in the right direction for depending on the national institutions for supporting and funding small and medium projects and a key contribution to backing the real material productive sectors in the face of the unjust embargo imposed on Syria.

Syrian Exporter Federation Secretary Mazen Hammour stressed the need for each national company that works particularly in this hard situation, calling for working on providing the direct support to the Syrian product by the relevant funding institutions.

He pointed out the importance of the decision taken by the Government for the resumption to granting loans based on the guarantee of the relevant institutions and providing reciprocal support for launching the reconstruction phase.

Member of the Board of Commissioners of the Securities and Exchange Commission Naela Zakaria stressed the importance of looking for new non-banking funding sources and working on developing them such as the financial lease.

In a statement to SANA, Chairman of Damascus Chamber of Commerce Ghassan al-Qalaa said that the small and medium projects will play a big role in the upcoming stage, calling for giving the required chances for project owners and providing facilitation by the ministries and the governmental institutions related to economy.

Bana Seifo Member of the First Funding Institution in Syria clarified that the Institution provides loans to those unable to take money from banks as their projects are not big enough, pointing out that 7700 loans have been granted since the beginning of the crisis with a value exceeding SYP one billion in eight provinces.

On the sidelines of the Conference organized by Masarat Company for Fairs and Conferences, a 3- day exhibition was opened with the aim of introducing the capabilities of establishing small and medium project and on the importance of these projects and means of managing them.
R. Milhem/ Barry