Small enterprises achieve social stability, Core for bigger projects

Damascus, SANA The small projects play a big social role in ensuring job opportunities and a financial and social stability for the youths as well as they consolidate their commitment to their homeland and restrict poverty, beggary and crimes, Bankers say.

Director of marketing and communications and spokesperson of the First MicroFinance Institution in Syria Bana Mohammad Saifo, saw that the main challenges facing owners of the mini-projects are the difficulty of obtaining the funding needed to support their standing projects or to start new ones, especially that most of the banks halted giving loans during the crisis.

Saifo stressed that the Institution continues offering its banking services, including loans and deposits during the crisis.

Economist Dr. Mohammad Zafer Mhabbek, stressed the importance of merging knowledge with work to make a project a success, ensuring necessary financing and marketing and to objectively consider it as a core for a big project in the future.

 The small enterprises face many problems in financing and sponsoring, Dr. Mhabbek added, calling for continued assessment for them and setting mechanisms which cope with the current stage.

 Economist Dr. Ahmad Hassan stressed the importance of small projects in achieving the self- sufficiency and increasing production and decreasing inflation.

Dr. Hassan called for unifying efforts for tackling the social impact of the current crisis on the Syrian community represented in losing job opportunities, the production tools and to work on combining the capital with the labor.

In turn, Banker Waseem al-Refae said that the small project is the core of a big project, pointing out the importance of considering the economic feasibility for getting the needed financing.

Informed sources at the Central Bank of Syria said that the Bank works for establishing a loan guarantee foundation.

The sources added that the Cabinet reiterated, during its latest session, the necessity of carrying out the decision of the Monetary and Credit Council on granting operating loans for the small and medium-sized enterprises.

H. Zain/ Barry

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