Damascus-Sana
The Director General of the Small and Medium Enterprises Development Authority, Ihab Asmander, confirmed that Law No. 8 of 2021, which allowed the establishment of microfinance banks, provides solutions to the biggest obstacle that was facing the completion of projects, which is financing, and thus will contribute to improving the business environment in this sector to the better.
In a statement to the SANA delegate, Asamandar said that increasing the number of small and micro enterprises that constitute more than 95 percent of the enterprise sector would absorb a large proportion of unemployment, as a large segment of the non-workforce would enter the work circle, which would enhance economic growth rates and local production and improve household incomes. It increases the pace of production.
Ismandar pointed out that the most prominent segments that will benefit from the law are the low-income and no-income groups whose financial capabilities do not enable them to establish private projects in light of the economic challenges resulting from the coercive economic measures imposed on Syria.
Asamandar pointed to the importance of the classifications provided by the law for small and micro enterprises to “agricultural, industrial, commercial and service” sectoral projects, which in this way allow the establishment of agricultural projects, raising livestock, manufacturing dairy products, and commercial projects such as establishing centers for selling products within the scope specified by the law and service projects.