President Bashar al-Assad on Monday issued a law establishing risk insurance for credit and loans provided for small and medium projects.
The Loan Risk Insurance Establishment will operate as a private joint-stock company with its headquarters located in Damascus, and will be run by a board of directors and a director-general.
The tasks of the establishment will be to insure the risks of the credit and loans, procuring funds, and investing surplus funds at a value of no more than 25 percent of its capital (set at 5 billion Syrian pounds) in various low-risk financial investments.
Syria’s central bank and certain financial institutions are also eligible to contribute to the establishment’s capital, while international institutions and companies may contribute capital equal to 49 percent of its shares.
This article was edited by The Syrian Observer. Responsibility for the information and views set out in this article lies entirely with the author.
