KFAED renews financial deal with Syria

Kuwait renewed the financial facilities agreement with Syria for an extra five years, designed to finance imports and exports with 50 million US dollars. Al Baath Syrian newspaper, the mouthpiece of the Syrian ruling party, said on July 30 the Kuwait fund for Arab Economic Development (KFAED) informed the Syrian Ministry of economy and foreign trade that the authorities in Kuwait had approved the renewal of the agreement starting in May 1997.

The agreement, which was signed in May 1993, calls for the opening of a 50 million US dollar account with the possibility of increasing it to 100 million US dollars to purchase goods and basic materials to back Syria’s national industries in the private and public sectors.