Syria signs loan agreement with Abu Dhabi Fund
Syria-United Arab Emirates, Economics, 11/2/1999
Syrian Minister of State for Planning Abdul Rahim al-Sbei on Monday signed four loan agreements between Syria and the Abu Dhabi Fund for Development at a value of 543,604 million dirhams with a 3.5 percent interest rate on all withdrawn sums and .5 percent for labor banking fees.
The first loan at a value of 110,190 million dirhams aims at providing the province of Idleb (northeastern Syria) with potable drinking water from Ein al-Zarqa spring.
The second loan of 110,190 million dirhams aims at generating more electric power of 100 megawatts through reliance on gas heat.
The third loan at a value of 66,114 million dirhams aims at securing the electrical supply to consumers to meet the increasing demand for electricity in Syria, and the fourth loan agreement estimated at 257,100 million dirhams is allotted for building a textile factory at the province of Tartous to produce 15,000 tonnes of mixed textiles of cotton and synthetic yarns.
The director of the Abu Dhabi fund, Saeed Khalfan al-Rumeithi, who signed the agreement on behalf of the fund told reporters following the signing ceremony that this agreement falls in the course of strong bilateral relations between Syria and the United Arab Emirates.
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