$15 Million Invest in Syria Fund Launched to Drive Development and Navigate Sanctions
A $15 million Invest in Syria fund, established in the United States, has been officially launched to attract investments and spearhead projects across various productive and service sectors in all Syrian regions. The initiative, unveiled by The Syrian Forum and the Invest in Syria Fund at a press conference in Damascus, aims to contribute to sustainable development while providing mechanisms to operate within the framework of international sanctions.
Targeting Diverse Sectors with a Focus on Technology
The Invest in Syria Fund is set to channel investments into a wide array of sectors crucial for Syria's recovery and growth. These include infrastructure, banking, finance, industry, agriculture, energy, and notably, technology. According to Dr. Sinan Hatahet, General Manager of the Fund, 30% of the $15 million fund is specifically earmarked for technology startups, signaling a strong focus on fostering innovation. Dr. Hatahet also indicated an expected return on investment of 15%-20% for traditional projects.
Operating Under US License to Navigate Sanctions
A key aspect of the Invest in Syria Fund is its establishment in the United States, which allows it to provide investors with a special license from the U.S. Treasury. This license is designed to navigate the complex sanctions imposed on Syria, offering a legal pathway and reassurance for investors. The fund aims to provide sufficient guarantees for the secure transfer of funds to and from Syria, along with legal counsel to overcome sanction-related hurdles. This structure is intended to encourage Syrian expatriates and international investors to participate in the country's economic revival.
From Northern Syria to Nationwide Impact
While the fund is now launching its activities to cover all Syrian governorates, Dr. Hatahet noted that it began its work two years ago, initially focusing on projects in northern Syria. The current expansion aims to broaden its operational scope significantly, targeting diverse productive and service sectors nationwide. The fund's leadership emphasized that investors participating now could benefit from a "first-mover advantage," as many projects considered standard in other regions would be novel in the current Syrian context.
Investment with Sustainability and Social Impact Criteria
Mohammed Yasser Tabbarah, a board member of the Fund, highlighted that investments will adhere to strict criteria, including alignment with the United Nations' conditions for sustainable projects. Key considerations for project approval will include the capacity to employ a large number of workers, ensure gender equality in the workplace, maintain a positive environmental impact, and contribute to increasing income levels and reducing poverty. Mr. Tabbarah also spoke about shifting the mindset of Syrian expatriates from that of donors to active investment partners in the country's future.
About Invest in Syria and Syrian Forum
The Invest in Syria Fund is a U.S.-based financial institution created to attract and facilitate investment in Syria across various sectors. It provides a licensed mechanism for investors to engage in projects while navigating international sanctions, with a focus on sustainable development and economic rebuilding.
The Syrian Forum is a non-profit organization dedicated to supporting Syrian communities both within Syria and across the diaspora. It plays a role in facilitating initiatives like the "Invest in Syria" Fund to foster development and resilience.
Looking Ahead: Rebuilding and Development in Syria
The launch of the Invest in Syria Fund represents a concerted effort to stimulate economic activity and drive sustainable development across Syria. By providing a secure and licensed investment channel, and focusing on projects with high social and economic impact, the initiative aims to play a crucial role in the country's long-term recovery and the rebuilding of its productive capacity.
Source: SANA