A network of “Syrian Business Angels”

Private

17-3-2021

Director of the “Damascus Chamber of Commerce” Amer Kharboutli announced the approval of the Minister of Supply to establish a network of “Syrian Business Angels”, which will be established at the Chamber’s headquarters, as a networking platform between business owners and entrepreneurs through participatory financing.

“Business Angels” are individuals with high financial solvency, or institutions with great wealth, who finance emerging projects from their personal funds, in exchange for a share in those companies, meaning that business owners buy a share in the emerging company with a certain amount of money.

The Economic and Energy Affairs Committee in the “People’s Assembly” recently discussed the new investment bill, and called for its promulgation to encourage investors and businessmen to invest in Syria.

On February 20, 2021, Law No. 8 was issued, which allowed the establishment of microfinance banks, to finance the projects of small-scale producers, small business owners, low-income and low-income people, by granting them operational loans worth 30 million Syrian pounds.

The law specified the capital of microfinance banks at 5 billion pounds instead of 250 million pounds, as is currently applied, and exempted banks from profit tax for a period of 5 years, while reducing this tax after the exemption period to 10%.