Damascus-Sana
The Industrial Bank announced today the resumption of granting direct and indirect credit facilities to finance small and medium enterprises, whether artisanal, industrial or otherwise.
According to instructions issued by the bank, Sanaa received a copy of it, the granting of bank guarantees has been resumed in accordance with the executive instructions in force by the bank without any modification, granting financing for fixed capital working in short and medium loans, establishing industrial and crafts projects, expanding them, purchasing them, and financing the purchase of used machines.
In a statement to SANA, the General Director of the Industrial Bank, Dr. Omar Sidi, confirmed that the bank also agreed to grant loans to industrial and craft establishments that were totally or partially damaged and credit facilities for investment projects from establishing, expanding and purchasing facilities for contractors and engineers through a loan to finance the purchase of machinery and equipment necessary to complete the investment projects.
Sidi indicated that the bank allowed the granting of development loans for all the activities specified in the system of its operations, provided that the client, upon requesting the loan, declares its purpose, and that the loan amount is disbursed to the authorized purpose.
The bank stipulated in its instructions that the ceiling of direct credit facilities not exceed the amount of 500 million Syrian pounds only or 50 percent of the total assets of the project according to the bank’s estimates, whichever is less, affirming not to grant any form of credit facilities to defaulting clients and to take all legal measures to collect bad debts.
The Central Bank of Syria announced a week ago that operating banks would be allowed to resume granting credit facilities, based on the approval of the Council of Ministers in this regard.
Wasim Al-Adawi
