AKF partners with the Bank of Syria and Overseas to expand access to finance for Syrian entrepreneurs

The new partnership aims to strengthen Syria's private sector by expanding access to finance for startups and small and growing businesses.

Work & Enterprise

Aga Khan Foundation | 3 September 2026

A new partnership between the Aga Khan Foundation (AKF) and the Bank of Syria and Overseas (BSO) will expand access to patient and subsidised debt financing for startups and small and growing businesses across Syria through AKF and the Aga Khan Fund for Economic Development‘s (AKFED) Accelerate Prosperity initiative.

The agreement, signed in Damascus, brings together BSO’s banking expertise and outreach with Accelerate Prosperity’s entrepreneurship development and investment support platform to help address one of the most significant challenges facing entrepreneurs: access to affordable finance.

Mohannad Obaido (left), CEO of AKF Syria, and Mr. Michel Azzam, General Manager of BSO, sign the partnership agreement in Damascus. | Photo: Ali Shaheen / AKF

Through the partnership, the organisations will co-design tailored financing solutions for businesses that successfully complete Accelerate Prosperity’s investment readiness process. From October 2026, eligible entrepreneurs will be able to access financing designed to help them grow their businesses, create jobs, drive innovation and strengthen economic resilience.

Accelerate Prosperity is a joint initiative of AKF and AKFED. Since its launch in 2016, the initiative has supported entrepreneurs and small businesses across Central and South Asia through business advisory services, investment readiness support and access to financing. Earlier this year, the programme expanded to Syria, bringing its proven model of entrepreneurship support to a new generation of Syrian entrepreneurs.

The new agreement builds on the success of a pilot phase implemented over the past two years and reflects a shared commitment to strengthening Syria’s private sector. By supporting entrepreneurs and enterprises with high growth potential, the partnership aims to contribute to sustainable economic development and create meaningful employment opportunities, particularly for young people and women.

Women entrepreneurs supported by AKF in Syria. The new partnership will help expand access to financing for businesses like these to grow, create jobs and build resilience. | Photo: Christopher Wilton-Steer / AKF

Speaking at the signing ceremony, representatives from both organisations highlighted the importance of creating an enabling environment for entrepreneurship and supporting businesses that can contribute to economic recovery and long-term prosperity.

The partnership forms part of the Aga Khan Development Network‘s (AKDN) wider commitment to supporting the Syrian people and fostering a more inclusive and resilient entrepreneurial ecosystem. Through Accelerate Prosperity, AKDN is helping startups and small businesses access the support, networks and financing they need to thrive and contribute to the country’s long-term development.

This initiative is one of a range of AKDN programmes being implemented across Syria, where the Network is delivering projects valued at more than €100 million during 2026 and 2027.