Damascus-SANA
Today, the Commercial Bank of Syria launched a program for financing small and medium-sized projects by the bank, to be officially launched early next week by receiving funding requests at the bank's branches in all governorates.
In a statement to SANA, the bank clarified that the financing program consists of several banking products with subsidized interests, as it supports this type of loans by reducing interest rates on all loans granted to these projects within this program at a rate of 2%.
The bank added that an essential part of the loans granted to projects is with interest subsidized by the government program to support the interests of loans by the Small and Medium Enterprises Development Authority. To include the rest of the products offered for financing in the interest subsidy program.
According to Al-Tijari, this program is a portfolio of productive loans through a group of investment loans with various terms, whose main objectives are focused on the production process and provide an added value to the economy, which contributes to raising the domestic product and empowering small and medium enterprises as a primary economic tributary during the current stage and contributes to solving the financing problems they face. These projects have subsidized benefits, provide job opportunities, and enhance their competitiveness in the national economy.
According to the statement, Al-Tijari provides many loans to small and medium projects. As for alternative energy projects, the bank provides loans for “renewable energy production and loans for the production of renewable energy supplies and equipment (components)” and loans for dairy factories and cheese “milk derivatives” and for projects in the manufacture of threads, automated weaving, fabrics and dyes it offers “loans.” For yarn manufacturing factories, loans for the manufacture of knitted fabrics and dyestuffs, and loans for establishing, operating and renovating facilities for the automated textile, knitting, carpets and rugs industries.”
With regard to electrical and electronic industries projects, the bank grants “loans for the manufacture of lighting devices and loans for the establishment, operation and restoration of facilities for the manufacture of tools and medical devices.” As for the projects of the wood and aluminum industries, the bank grants loans for the Formica industries and loans for the aluminum industry. Plastics and pipes factories, shoes and ready-made garments factories, fodder factories, handicraft industries, and agricultural products packaging factories.
The bank indicates in its statement that it can later add new types of loans granted to small and medium enterprises.
Waseem Al-Adawi