Syria’s state owned Industrial Bank is negotiating a €40 million loan with the European Investment Bank (EIB). The facility would have an annual interest rate of four percent over a period of 12 years, reported Arab Finance Corporation.
The loan would enable the bank to distribute short, medium and long term loans to Syrian industrial institutions. The agreement also includes a training program for bank employees.
EIB reinstated its activities in Syria in 2000, having frozen them in 1992, following the resolution of bilateral debt issues between Syria and European Union (EU) member states. Since 1978, EIB has committed more than €200 million for the purpose of financing capital projects in Syria essential for the country's economic development. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
