Syria has launched a $5M initiative to support families affected by the war through small and microenterprise financing, training and feasibility studies.
The “Economic Empowerment of War-Affected Families” initiative is led by the Small and Medium Enterprises Development Authority in partnership with the Islamic Development Bank, the ministries of finance and emergency and disaster management, government bodies and civil society organisations. It is part of the “Syria Without Camps” vision.
The initial funding could increase to $10M. The pilot will be implemented with several ministries, civil society organisations and Al Baraka Bank before potentially expanding to more families across the country, according to Syria’s SANA news agency.
The authority will identify eligible families through field surveys, then provide training, business support and feasibility studies before arranging financing with Al Baraka Bank and other partners. Supporting institutions will provide guarantees intended to lower financing costs and enable interest-free or near-interest-free loans.
The first phase will focus on priority areas, with the initiative expected to support job creation, household incomes and the recovery of small businesses. The authority’s director said small and microenterprises account for more than 90% of Syria’s economy.
Source: Al Arabiya
