Building on NEF’s ongoing work in Northeast Syria supporting livelihoods and economic recovery in the agricultural sector, and with funding from the Syria Recovery Trust Fund, NEF will pilot a community-based revolving credit fund in Northeast Syria to accelerate its support of economic recovery and stabilization. The fund provides Syrian entrepreneurs with access to financial and non-financial services to facilitate the growth and sustainability of small and micro-enterprises and strengthen the entrepreneurial ecosystem in Syria.
The first phase of the intervention will launch in December 2020 to support 480 entrepreneurs through the establishment of three revolving funds in Raqqa, Deir Ez-Zor, and Hasakah, where there is significant need and demand for access to finance for sustainable economic growth. In addition to business capital, entrepreneurs will have access to non-financial services that includes training in life skills, financial literacy, business development, and demand-driven coaching and mentoring. These services will empower entrepreneurs to improve their businesses and livelihoods while creating jobs and promoting local economic activities.
This is a significant milestone for NEF as it also marks the first program launched through Near East Foundation Belgium, the newest member of NEF’s family of organizations.