Syria: Kuwaiti loan to fight unemployment

The Syrian unemployment fighting commission has signed an agreement with the Kuwaiti Fund for development a loan at a cost of 31 million Kuwaiti dinars to contribute to financing unemployment reduction projects in Syria.

The economic advisor of the Kuwaiti fund for development Tareq al-Manis signed the minutes of meeting of the agreement at the unemployment commission headquarters.

Kuwaiti economic sources said that "the interest does not exceed 2%, the lowest interest rate so far given to Syria on the ground that the project is of a social nature. The period of the loan is 30 year including a grace period of 10 years." Excluding Sunday's agreement, total loans offered by the Kuwaiti Fund for development to Syria reached 336 million Kuwaiti dinars ( US dollar 092.1 billion).

For his part the director of the Syrian commission for fighting unemployment Hussein Murhij al-Ammash said that the Fund's loan will give the Syrian project a new impetus towards starting the implementation of the unemployment fighting project within the time set for implementation, which is the mid of May. Al-Ammash explained that "the remaining sums needed for the project is estimated at USD 900 million which will be ensured as the Syrian government has provided USD 100 million. We got a German donation estimated at USD 35 million, and we will shortly start negotiations with the Arab Fund for development to get a loan of USD 100 million. We will start negotiations with the European Union to get a loan from the European Investment bank of USD 100 million, minimum."