The SRTF Approves the Establishment of a Revolving Credit Fund to Support Livelihoods in Northwest Syria

Amman- Thursday, September 9, 2021 – The SRTF is pleased to announce the approval of a new EUR 1.790 million recovery project Establishment of Revolving Credit Fund to Support Livelihoods Recovery in Northern Aleppo –Phase I” which was passed through a “fast track” approval process today. The project will be implemented in collaboration with Near East Foundation (NEF) to accelerate support of economic recovery and stabilization in the Northwest Syria (NWS).

 

The newly approved project is the second revolving community credit fund (RCF) the SRTF has supported in Syria, building on the success and lessons learnt from the SRTF’s ongoing RCF pilot intervention in NES, also implemented in collaboration with NEF. The ongoing intervention in NES supports 480 local entrepreneurs through three community-based livelihood hubs in Ar-Raqqa, Deir Ez-Zor, and Al-Hasakeh offering financial and non-financial services to accelerate the growth and sustainability of their small and micro-enterprises. Loans from the RCF support women, youth, and internally displaced people and returnees working in the trade, services, manufacturing, and agricultural sectors. As of August 2021, the pilot intervention in the NES has dispersed 247 loans, averaging USD 850 for micro-loans, and USD 2,303 for development loans with 100% re-payments to date.

 

The newly approved RCF in NWS will support 725 selected entrepreneurs over 14 months with high-growth potential who meet credit readiness criteria through four identified centers in NWS. The RCF will provide micro-loans with a repayment period up to 30 months for individuals, and development loans for small businesses that have been operational for at least 12 months and show growth potential. Additionally, the RCF  will provide non-financial products and services that include business development training, life ‎skills and financial literacy trainings and marketing and market access training. The four centers were selected to serve urban and rural communities who host large numbers of entrepreneurs. 

 

In statement made by the SRTF’s Director General, Eng. Hani Khabbaz, he said: “We are extremely proud to announce the launch of the revolving credit fund in northwest Syria one year after the establishment and success of the pilot RCF in northeast Syria. The SRTF is determined to empower entrepreneurs to improve their small & micro-enterprises and livelihoods while creating jobs and promoting local economic activities.”

 

Dr. Charles Benjamin, President and CEO of the NEF, stated: “The new revolving credit fund in northwest Syria will create market-driven opportunities for economic participation and encourage credit-ready entrepreneurs to improve their overall living conditions and accelerate economic recovery.”

 

For further information on the project, please see:

Establishment of a Revolving Credit Fund to Support Livelihoods Recovery in Northern Aleppo –Phase I

 

For more information on the SRTF visit:

http://www.srtfund.org

 

Media outlets may contact:

communications@srtfund.org


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