"Invest in Syria Fund" Launches Project to Attract Investment Amidst Sanctions
The Syrian Forum and the Invest in Syria have officially launched the "Invest in Syria Fund" project, aiming to attract investment and establish projects across various sectors within Syria, despite ongoing challenges. The announcement was made during a press conference titled "Solutions and Models for Investment in Syria Under Sanctions" held at the Syrian Forum headquarters in Damascus.
Navigating Investment Amidst Sanctions
A key challenge for investment in Syria has been the impact of Western sanctions. According to Fund Director General Sinan Hatahet, the Fund, which was established in the United States specifically to attract Syrian capital, addresses this directly. It provides investors with a special license obtained from the US Treasury designed to circumvent sanctions, reassure investors, and provide guarantees for transferring funds both into and out of Syria. Muhammad Yasser Tabara, a board member, added that the Fund offers assistance and legal advice to help navigate and bypass these sanctions.
Fund's Scope and Target Sectors
Having initially begun operations two years ago in northern Syria, the Fund is now launching its activities nationwide. Hatahet stated the goal is to target all Syrian regions and governorates and a wide array of sectors, including:
Production & Services
Infrastructure
Banking & Finance
Industry & Agriculture
Energy & Technology
The Fund aims to contribute significantly to Syria's sustainable development process through these projects.
Attracting Syrian Capital & Diaspora
A primary goal of the Fund is to encourage Syrian capital, both domestic and from the diaspora, to participate in rebuilding the country through investment rather than solely through donations. Tabara emphasized the Fund's efforts to facilitate procedures and encourage expatriates to shift their mindset from being donors to becoming partner investors in Syria's future.
Looking Ahead
With its formal launch targeting all regions, the "Invest in Syria Fund" represents a structured effort to stimulate investment in the country's productive and service sectors despite significant geopolitical hurdles. Its unique proposition lies in the US Treasury license aimed at mitigating sanctions risks for investors. The Fund's ability to gain trust, attract substantial capital (particularly from the diaspora), and successfully implement projects across various sectors will be critical factors in its contribution to Syria's economic recovery and sustainable development.
Source: SANA