Byblos Bank Syria (BBS)

Syria

The Fund’s equity investment in this new banking

institution will help meet the financing needs of

Syria’s private enterprise sector. In line with government

aims to modernize the banking system,

Byblos will provide new services, including assistance

to small and medium-scale enterprises

which constitute an important part of economic

activity in the country. In 2001, the Syrian government

approved a new law with the objective of

reforming the banking system and transforming its

effectiveness. The establishment of new private

banks is seen as a vital step in establishing a strong

environment for stimulating domestic economic

growth.