Governor of the Central Bank of Syria Adib Mayaleh said that the steps taken by the Central Bank during recent years focused on supporting economic growth and motivating various economic sectors.

This process was achieved by influencing financing channels and removing obstacles that hinder financing in order to attract foreign capitals and encourage the return of Syrian capitals from foreign countries, Mayaleh pointed out in a statement.

He noted that the private banking sector has evolved during recent years and became a significant part in the banking market, adding that the Central Bank's decisions motivated the banking sector to become active in financing investment projects by lowering mandatory reserves when funding such projects and providing funds to these banks if they require them to provide loans for projects.

The Central Bank also allowed banks to finance projects using the BOT program with a value that doesn't exceed 50% of the project's value, which will help revitalize investment in tourism, Mayaleh explained.

In a similar statement, Executive Manager of the Syrian International Islamic Bank Abdelqader al-Dwek said banks are keen on collecting funds and investing them in various development projects, including small and medium-sized projects that help reduce unemployment and bolsters handicrafts and exporting their products.

Al-Dwek added that banks also finance infrastructure, economic, commercial and agricultural projects in addition to facilitating external trade, noting that the increasing capitals of banks will help further their developmental role.

For his part, Chairman of the Union of Arab Banks and CEO of Al-Baraka Banking Group Adnan Ahmad Youssif underlined the significant role of banks in financing projects by improving the investment and economic environment, in addition to the role they play in estimating the needs of investors, revitalizing economy and economic developments.

He explained that banks turn surplus savings of individuals such as gold into deposits and savings products, which helps revitalize economy, adding that establishing private banks – particularly investment and Islamic banks – will help develop and diversify the Syrian banking sector and improve its role in economic development.

In another statement, banking consultant Amir Asassa pointed out that the participation of banks in projects provides an element of insurance for investors, in addition to building up trust between lenders and debtors and speeding up the development process.

For his part, General Manager of Al-Baraka Bank Mamoun Darkazally said that the advanced financial tools provided by the banking sectors reduce investment risks in development projects, as promoting new investments is performed by specialized and qualified financial companies that improve the efficiency of investment and increases the amounts of investment funds.

SANA