The First Microfinance Corporation “Syria” held a party this evening at the Four Seasons Hotel in Damascus to celebrate the thirteenth anniversary of its inception, during which it launched the brand for its transformation into the “First Bank for Microfinance” in implementation of the provisions of the Microfinance Banks Law No. 8 of the current year.
In his speech, the resident representative of the Aga Khan Network Syria, Ghatafan Ajoub, described Law No. 8 as a modern and important comprehensive law that met the demands of citizens wishing to establish small and micro projects, solve their problems, and paved the way for companies and financial institutions to establish microfinance banks.
With the increasing need for microfinance in Syria, the resident representative called for an increase in the number of loans provided by the three microfinance banks currently operating in the country, knowing that about 100,000 have been provided to date, and this calls for the establishment of dozens of microfinance banks to meet the needs in this difficult stage that Syria is going through .
For his part, the CEO of the Foundation, Farhad Zulficar, indicated that the Foundation has provided services to more than 500,000 customers during a decade by granting them small loans worth more than 75 billion Syrian pounds, which contributed to a direct positive impact on their livelihood, indicating that the Foundation has developed its performance and innovation during this process. New products and services in light of many challenges.
Member of the Executive Office in Damascus Governorate Faisal Sorour, in turn, referred to the successful and distinguished experiences of cooperation between the governorate, the Aga Khan Network and the First Microfinance Corporation “Syria”, whether with regard to cultural, artistic, educational or social works that were implemented in the old city of Damascus and the Foundation’s continuous support for many families in it.
The ceremony was attended by the Minister of Social Affairs and Labor Muhammad Saif Al-Din, the governor of As-Suwayda, the Pakistani ambassador in Damascus, the head of the Damascus Chamber of Commerce, the deputies of the Governor of the Central Bank of Syria, the Director General of the Taxes and Fees Authority, a number of central managers at the Ministry of Finance, a number of private bank managers and workers in the banking and financial sector.