In implementation of the provisions of Law (8) ... the announcement of the establishment of Bemo Saudi Fransi for Microfinance

Damascus-Sana

In implementation of the provisions of Law No. 8 issued this year which allowed the establishment of microfinance banks, I announced today the establishment of the “Bemo Saudi Fransi for Microfinance” bank, with the aim of providing operational loans to the largest possible segment of small producers, small business owners, limited and no income, to implement their projects that they aspire to establish and develop their workshops and businesses. .

In a statement that Sanaa received a copy of, the bank’s board of directors confirmed that the new bank will grant “upon commencing its business in the near future” operational loans to productive individuals of a very small value up to the limits of 15 million Syrian pounds, with or without bail, with exemptions from all fees on all contracts or operations. With the bank, which reduces the cost of the loan, in accordance with the executive instructions of Law No. 8 of 2021.

According to the statement, the council stated that, in addition to small loans, the bank will provide multiple financial services to help borrowers develop their businesses and projects and improve their standard of living, based on the flexible and encouraging environment provided by Law No. 8 for the current year for financiers on the one hand and small borrowers on the other hand.

The Board of Directors indicated that the establishment of the Bemo Saudi Fransi Bank for Microfinance comes from the developmental role required of the private banking sector in Syria, as the establishment of the bank is in line with the belief of its strategic partner, Bemo Saudi Fransi Bank, in providing emerging small and medium enterprises with sustainable capacity and a real opportunity for growth to reflect their results positively. On the wheel of the economy.

The Head of the Licensing and Registration Department of the Government Commission at the Central Banks at the Central Bank, Rani Deeb, confirmed in a statement yesterday to SANA that the Central Bank granted a license to a small finance institution on the basis of Law No. 15 of 2007 and formed its extraordinary general assembly, and the procedures for its registration in the registry of microfinance banks at the Commission are currently being completed in accordance with According to the provisions of the new Law No. 8 to start operating as a microfinance bank.

It is worth noting that the experience of microfinance began in Syria after Decree No. 15 of 2007 until Law No. 8 for the current year came with a new banking vision that strengthened and gave great flexibility to the microfinance sector due to its importance and role in the current circumstances according to the experiences of many countries that have adopted microfinance to accelerate the wheel Economic development and improvement of the livelihood of people with limited and no income.

Wasim Al-Adawi