European Investment Bank resumes lending to Syria

The European Investment Bank ( EIB) ≠ the lending arm of the European Union- will resume operations in Syria on 14th December with the signing of a 75 million EURO loan for the electricity sector. The signature will take place during an official visit of Francis Mayer, Vice President of the EIB.

Vice - President Mayer will meet with the Syrian Prime Minister and several ministers with economic portfolios, as well as with representatives of the private sector and EU Ambassadors, and will explain the context in which EIB lending to Syria is now resuming.

Just prior to the Euro- Mediterranean Ministerial conference held in Marseilles on 15- 16th November, the EU Council of Ministers agreed on the financial package for the Mediterranean partners: 12.75 billion EURO for the period 2000- 2006 of which 5.35 billion EURO grants from the MEDA program and 7.40 billion EURO in loans from the EIB.

The resumption of EIB lending to Syria has been made possible by the settlement ( yet to be ratified) of the Syrian debts to Germany The first EIB loan to Syria in 2000 will provide 75 million 6 to the electricity sector and will help built over 750 Km of high ≠ voltage lines and 12 sub- stations. Another loan to the same sector will be negotiated soon. EIB lending can also apply to other economic infrastructure projects ( Such as telecommunications, water and sewage, roads, railways, airports) as well as to productive projects.