The European Investment Bank (EIB) and the Syrian government singed here on Monday an agreement to finance development projects in Syria with 200 million U.S. dollars, the Syrian official SANA news agency reported.
Prime Minister Muhammad Naji Otri and Vice-President of the EIB Philippe de Fontaine discussed cooperation between Syria and the EIB on financing the development projects especially in fields of energy, transportation, drinking water and infrastructure projects, Xinhua reported.
De Fontaine hailed the level of cooperation between the two sides, asserting the EIB's care for increasing the bulk of financing the development and services projects in Syria, the report said.
By financing the Syrian government, the European Union hopes to support Syria's strategy of gradual liberalization of the economy, in particular the encouragement of a competitive private sector.
Syria is a signatory of the 1995 Barcelona Declaration and a member of the Union for the Mediterranean launched in 2008. Syria is also a member of the European Neighborhood Policy, but does not yet benefit from all its instruments and incentives, pending entry into force of the EU-Syria Association Agreement.