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Syria gets 257-mln-dollar loans from Arab developmental fund

Other News Materials 11 February 2009 22:30 (UTC +04:00)

Syria and the Arab Socio-Economic Developmental Fund inked on Wednesday three loan agreements in spheres of energy, electricity and roads with a total amount of 257.4 million U.S. dollars, Xinhua reported.

The agreements were signed by Syrian Finance Minister Mohammed Hussein and Director General of the fund Abdul-Lateef Hamad, according to official SANA news agency.

The loan of the first agreement, which amounts to 36.3 millions dollars, will finance the Arab Gas Pipe Project's third stage, and the second, 163.1 million dollars, will finance the expansion of Deir Ali Electric Generating Station, while the third, 58 million dollars, will finance a road project in east Syria, said the report.

Hussein told reporters that the signing of the three agreements was another step of the standing strong cooperation between Syria and the fund.
For his part, Hamad stressed the attention of the fund to the drawing of Euphrates and Tigris' water, expressing the fund's readiness to finance future projects in Syria.



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