Industrial announces financing of 70 percent of the estimated costs of renewable energy projects

Damascus-Sana

The Industrial Bank announced its readiness to provide the necessary financing for the establishment of renewable solar and wind energy projects, whether for electricity production, water heating, steam production or water pumping, through loans with a maximum limit of 70 percent of the estimated cost of each project.

The bank’s director general, Dr. Omar Sidi, stated in a statement to a SANA representative that, in cooperation and coordination with the National Center for Energy Research, it was agreed that the bank would finance solar and wind renewable energies projects at a high financing rate compared to the rest of the loans, which is 70 percent of the project's estimated cost, with the aim of encouraging the establishment of this type of Projects in support of the national economy.

Sidi pointed out that the National Center is in turn preparing the technical study and the economic feasibility of the project, determining the estimated cost for it and sending the file to the bank, while the bank studies the loan application after completing its identification papers and upon obtaining the approval, the loan contract is signed and the amount is disbursed in stages according to the project completion rates approved by the center. According to the bank's terms.

Sidi clarified that according to the agreement, the National Center charges the wages for the works and tasks related to the project at a rate of 1 percent of the value of the loan, provided that it is not less than a hundred thousand Syrian pounds and not more than two million pounds, and it is deducted from the loan amount when the first payment is disbursed and transferred to the center's account at the Central Bank of Syria.

In mid-September, the Industrial Bank announced the resumption of granting direct and indirect credit facilities to finance small and medium enterprises, whether craft or industrial, and others.