EIB establishes innovative scheme for Syrian SMEs
The European Investment Bank (EIB) has announced that it is to lend 40 million euro to the Syrian Arab Republic for the establishment of an innovative financial support scheme for small and medium sized enterprises (SMEs) in the region. The scheme, which is the first EIB operation in support of the private sector in Syria, is being financed under the institution's recently established facility for Euro-Mediterranean investment and partnership (FEMIP). One of FEMIP's top priorities is to promote private sector development - especially among SMEs - and to support projects helping to put in place the necessary economic infrastructure, and health and education schemes for the region. Commenting on the announcement, EIB Vice-President Philippe de Fontaine Vive said: 'I am most glad to sign this innovative operation, because I am confident that it will foster market sector reforms by providing a practical opportunity to develop capacity building in modern banking practice. [...] With EU support and joint forces from its private sector operators, the country can best prepare itself for the establishment of a free trade zone in the Mediterranean region by 2010.' Specifically, the new scheme foresees providing financial support to SMEs with relevant projects in the following sectors: industry, services, tourism, health and training.
Kraje
Syria