Loan agreement signed between Syria and the Kuwaiti FAED

Syrian Minister of State for Planning Abdul Rahim al-Sbei and the director general of the Kuwaiti Fund for Arab Economic Development (FAED), Bader al-Hameidi, signed a loan agreement on Monday in Damascus between the Syrian government and the fund.

According to the agreement, the fund will provide a loan of 6 million Kuwaiti dinars to participate in financing al-Raqqa Seir ezz zour and la-Hassaka road projects.

The project is composed of new road construction between al-Raqqa and Deir ezz zour (two Syrian provinces to the north of the country) at a total length of 255 km and a width of 7.5 meters.

The loan duration is 21 years, including a grace period of five years and an annual interest rate of 3%.

The Kuwaiti fund has provided Syria with 25 loans to supply projects in various sectors in Syria.

Earlier in the day and in two separate meetings, Syrian Prime Minister Mahmoud al-Zoubi and the deputy premier for economic affairs, Salim Yassin, discussed development projects carried out in Syria in collaboration with the Kuwaiti Fund.

The two sides reviewed other projects to be contracted upon in the areas of roads, communications, electricity and sewage.