Technical assistance in the credit facility granted to SMEs
In 2003, EIB granted a € 40 million loan to the Government of the Arab Republic of Syria for the financing of projects to be performed by small SMEs.
The financing agreement provided for the creation of a SME Fund which could manage the commitment and disbursement of loans and which would be accompanied by experienced consultants specifically engaged under a separate technical assistance contract for a three years period.
The main objectives of the technical assistance contract were threefold:
- support for the financial, economic and technical investments of SMEs in the private sector in Syria by disbursing all funds to the final beneficiaries of the operation (SMEs) within 3 years after signature of the technical assistance contract;
- to contribute to the capacity building of the SME Fund Management Unit (FMU) by transferring to the local staff, seconded by the participating banks, the good practices and techniques for evaluating loan projects for SMEs, and
- Provide training to loan officers from participating banks, particularly in the areas of evaluation of investment projects and credit risk management.
The next steps for IFRS training were planned jointly with four Syrian banks (Industrial Bank, Real Estate Bank, Popular Credit Bank and Savings Bank):
- 12-3 training days for 25 people were planned for the end of August 2007.
- During the course of September 2007, each senior consultant had to deliver on-the-job trainings and workshops related to the project.
- From mid-October to the end of November, the team undertook further training for the four banks on the Introduction to IFRS (advanced). The courses were organized for a maximum of 10 participants from each of the banks. Additional time had been planned because the courses would be in English with simultaneous translation.
During the same period, in agreement with the Ministry of Finance, the team provided training on the introduction of IFRS to the Commercial Bank of Syria and to the Agriculture Bank (4 days courses for 10 participants).
Status : Closed
Date : 07-2004 -> 11-2008
Countries : Syria