In light of the deteriorating security situation, IFC’s operational
activity in Syria was suspended in March 2011.
Prior to the crisis, IFC was helping the Syrian government develop the
Al-Nassarieh Independent Power Producers (IPP) project.
IFC made its first investment in Syria in 2001 with a $1 million equity
stake in a drip irrigation systems manufacturer. Since then, IFC has taken an
equity position – now sold - in Bank of Syria and Overseas (BSO), the first
private sector bank in the country. In addition, IFC provided a loan to a
chemicals company and contributed equity to the First Microfinance Institution
Syria. Our current committed portfolio is approximately $17 million.