Global Arab Network | German Development Bank funding € 26 million projects in Syria

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German Development Bank funding € 26 million projects in Syria

Global Arab Network - - Rabih Serrai

Thursday, 15 July 2010 15:18

Syria (Damascus) – Syria and Germany signed a financial cooperation agreement at the headquarters of the State Planning Commission in Damascus.

The agreement stipulates granting 26 million Euros to Syria, 20 millions of which will be granted as soft loans for funding 'al-Yarmouk Saltwater Management Project' and 6 millions Euros for following up the required procedures for establishing the first bank for microloans in Syria.

The agreement comes in the framework of the financial, scientific and technical cooperation between Syria and Germany. It comes into force once the Syrian government notifies Germany that it has finished the required legal procedures.

Chairman of State Planning Commission Amer Hosni Lutfi and Germany’s Ambassador in Damascus Andreas Reinicke signed the agreement.

Lutfi underlined the importance of the agreement which reflects the seriousness of the German Government in supporting the development efforts in Syria, particularly in water management and transferring to the social market economy.

He added that the 11th five-year plan takes into consideration the differences in the local development between various Syrian areas and works on easing them.

For his part, Reinicke said that the agreement is a new step in the fruitful cooperation between the two countries which started in 1996, adding that it comes in the framework of joint projects in the domains of development, social market economy and water management.

He underlined that the German government works on supporting development efforts in Syria on the long term, indicating that his government has granted 1,5 billion Euros to Syria till now. (SANA)

Global Arab Network

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