Near East Foundation Launches Siraj Financial Services to Expand Micro and Small Enterprise Financing in Northern Syria

SFS, operating as a non-banking financial institution (NBFI), will upscale and commercialize NEF's successful micro and small enterprise (MSE) financing program, which has been operating in the region since 2021. With a mission to reach a portfolio of 23,300 active clients and a gross loan portfolio of $18 million by 2027, SFS aims to raise $15 million in grant funding and more than $10 million in debt and equity through a blended finance structure.

An independent SFS Board has been formed comprising representatives of NEF and its partners. Ziad Al Refai, the former CEO of Tamweelcom, one of Jordan's leading microfinance institutions, has assumed the role of managing director.