Syrian bank loans to increase $3.5bn in two years
Relaxation of corporate lending rules increases finance for business and individuals Syria is benefitting from a US $3.5 billion increase in available finance for corporations and individuals, after authorities relaxed rules on corporate lending. The announcement was made last week by Bassel Hamwi, CEO of Bank Audi Syria, part of the Lebanese Banque Audi SAL. […]
Relaxation of corporate lending rules increases finance for business and individuals
Syria is benefitting from a US $3.5 billion increase in available finance for corporations and individuals, after authorities relaxed rules on corporate lending.
The announcement was made last week by Bassel Hamwi, CEO of Bank Audi Syria, part of the Lebanese Banque Audi SAL. The funds will be made available 75:25 to corporations and individuals over the next two years.
“Lending from local banks is available,” Hamwi said. “The companies will request loans for industrial, real estate and hotel projects.”
“What we need is concerted efforts between investors, the government and the legislators to ease the lending process,” he added.
The governor of the country’s central bank, Adib Mayaleh said in a press conference that more measures will be introduced over the course of this year.
In 2009, Bank Audi Syria arranged a seven-year term, syndicated $340 million loan to Lafarge SA’s Syrian Cement Co and recently announced a $77 million loan to Bena Properties, the real estate arm of Cham Holding, for the construction of a hotel near Damascus.
The finance is being made available as part of a strategy to nurture private business and decrease economic reliance on a public sector funded by profits from the country’s declining oil sector.
In September 2010, a plan to attract $55 billion in foreign direct investment (FDI) by 2015 was announced by authorities.
