Syria to build two-lane highway with cooperation from Kuwaiti fund

A loan agreement was signed on Sunday at the Syrian State Planning Commission in Damascus between Syria and the Kuwaiti Fund for Arab Economic Development.

According to the signed agreement, the Kuwaiti Fund is to provide a loan amounting to 15 million Kuwaiti dinars (US $49 million) to finance a project between Lattakia province and the district of Ariha in the province of Idleb. The project includes the building of a 100 km two-lane highway, the construction of bridges and ring roads and water drainage work.

The project aims to link Lattakia port to the agricultural production area and to facilitate transportation between coastal, northern and eastern regions. The fund will cover 16% of the projects total cost and is expected to be completed by the year 2003.

So far, by signing this agreement the fund has provided Syria some 24 loans at a cost of 312 million Kuwaiti dinars (US $1.3 billion) to finance several projects.

Earlier in the day, Syrian Prime Minister Mahmoud al-Zou'bi met with the director of the Kuwaiti fund, Bader Mashari al-Humeidhi. Talks dealt with the activities of the Kuwaiti Fund for Arab Economic Development, projects under implementation in Syria in cooperation with the fund, and projects proposed to be financed by the fund.