Damascus-SANA
The National Fund for Social Aid announced that the annex to the agreements with the People's Credit Bank and the National Microfinance and Creativity for Microfinance will be implemented as of this month.
The director of the National Fund for Social Aid, Louay Al-Aranji, told SANA reporter that the annex to the agreement of the National Fund for Social Aid with the People’s Credit Bank includes adjusting the annual interest rates so that the annual interest rate on loans granted became 11.5 percent for short-term loans with a one-year repayment period, and 12 percent for medium-term loans that were granted. The repayment period is 5 years, while the annual interest rate with the National Bank for Microfinance and the Ebdaa Bank for Microfinance has become 16 percent after the amendment.
Regarding the financial and administrative agreement with the Cooperative Agricultural Bank, Al-Aranji indicated that work is underway to amend it so that the annual interest rate on loans granted in accordance with the agreement becomes 14 percent for short-term loans with a one-year repayment period and 15 percent for medium-term loans, whose repayment period ranges from 3 to 4 years, pointing out He indicated that the Fund bears an interest rate of 6 percent as a form of social support within the lending programs supported by previous agreements, and the rest of the interest rate is borne by the borrower.
Al-Aranji explained that the amendment came based on the decision of the Monetary and Credit Council No. 68 dated 3-4-2022, which includes adjusting the interest rates paid by banks operating on deposits, current accounts, investment certificate accounts, and savings deposits in line with the interest rates that have been approved by government and private banks.
Muhannad Suleiman
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