SME FUND II

The proposed credit line facility is aimed at the partial financing of long-term investments undertaken by private sector small and medium sized enterprises (SMEs) in all eligible sectors of the Syrian economy. The proposed operation builds on the existing SME Fund I operation, signed in 2003.

The project’s objective would be to assist the development of Syria’s private sector and encourage progress with market liberalisation and financial sector reform. The credit line would support investments in a wide number of sectors (including industry, services, infrastructure, tourism, energy, environmental protection, health and education) while contributing to the development of term finance, an important element for the development of the financial system.

All investments financed from the resources made available by the Bank through credit line operations are required to comply with the relevant national legal framework and be acceptable, in environmental terms, to the Bank in line, as appropriate, with the EU Environmental policy and legislation.

The Bank’s standard procurement guidelines for credit lines will be applied.