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The Financial Laws Committee approves two bills to raise the capital of the industrial bank and create microfinance banks

2021-02-15T17:43:17.907Z


Damascus-SANA The Financial Laws Committee in the People's Assembly held a meeting today headed by Ammar Bakdash and attended by Dr. Ray


Damascus-Sana

The Financial Laws Committee in the People's Assembly held a meeting today headed by Ammar Bekdash and attended by Dr. Riyad Abdel Raouf, Deputy Minister of Finance, Maysa Sabreen, First Deputy Governor of the Central Bank of Syria, during which a number of draft laws were discussed.

The committee discussed the draft law that includes amending the second article of Law No. 28 of 2010 related to determining the capital of the Industrial Bank at 14 billion Syrian Pounds instead of 10 billion Syrian Pounds. The project was approved as stated and the necessary report on it was prepared and referred to the Council.

The reasons for the draft law submitted by the Ministry of Finance indicated that the project aims to enable the Industrial Bank to play the development role entrusted to it on a larger scale than in the past and to facilitate meeting the financing needs, especially for industrial projects that need large sums in the reconstruction phase, since the bank cannot grant financing except within the limits 25 percent of his own money.

The committee also discussed the draft law that included the creation of microfinance banks and it was approved, preparing the necessary report on it and referring it to the council, where the reasons for it presented by the Monetary and Credit Board showed the important impact of the project in making a quantum leap by developing the work of financial institutions concerned with microfinance and supporting their financial centers and increasing their number. In the governorates to achieve its developmental and social goals in accordance with the state’s general policy, in addition to the importance of the project in creating a unified legal and regulatory framework under which all microfinance banks fall under.

Wasim Al-Adawi

Source: sena

All business articles on 2021-02-15

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