KFAED signs USD 51 million loan agreement with Syria

3/9/2010

DAMASCUS- The Kuwait Fund for Arab Economic Development (KFAED) singed here on Tuesday a KD 15 million (or USD 51 million) loan agreement with Syria that will go toward expanding and updating the water system for the city of Damascus and its environs.

KFAED director Abdulwahab al-Bader told a press conference held after the signing that the total amounts of loans given by the Fund to Syria have topped KD 317 million (or USD 1.080 billion) in addition to grants, including one for KD 86 million to expand the Tichrin power station.

In separate remarks to KUNA, he said that KFAED's ties with Syria went back to 1969, where -- since then -- the Fund has financed a wide array of projects ranging in nature from power generation, transportation, irrigation, to communication and sewage treatment.

Today's agreement was signed by al-Bader for KFAED and by president of the state planning board in Syria Amer Lutfi, who indicated -- at the conference with al-Bader -- that the Kuwaiti Fund was instrumental in making a number of infrastructure projects in Syria possible.

He affirmed that the Fund will figure prominently in Syria's upcoming five year plan which will feature the mammoth project of drawing water from the Tigris river and Euphrates river to parched regions in the province of Hasaka.

Underscoring the significance of today's signing of the loan agreement, Kuwait's ambassador to Syria Aziz al-Daihani noted that KFAED's contributions to infrastructure projects in Arab states, particularly those on water and power generation, have been much touted by officials of these states. He expressed hope that Kuwaiti-Syrian relations prosper further -- in a large measure due to economic cooperation of the kind witnessable between KFAED and the Syrian government.

Kuwait's KFAED well received in Syria - Minister

3/9/2010

 DAMASCUS-- Syrian Minister of Finance Mohammad Al-Hussein lauded here Tuesday the level of cooperation with Kuwait Fund for Arab Economic Development (KFAED), saying that the fund has been cooperation with Syria for over 30 years.

He told KUNA after meeting with KFAED Director Abdulwahab Al-Bader that Syria expressed gratitude for the Kuwaiti leadership and people for their sincere sentiments for Syria.

KFAED agreed today offer a loan worth USD 51 million to Syria to expand and update the water system for the city of Damascus and its environs.

Al-Hussein stressed that the project was paramount to the development of Damascus.

Meanwhile, Al-Hussein revealed that the Kuwaiti-Syrian committee for cooperation would meet next month to discuss future cooperation with KFAED.

The official revealed that Syria would be planning on a project to pump water from the River Tigris to the Hasaka governorate.

On his part, Al-Bader said that KFAED was eager to partake in the River Tigris project, adding that forming a financial coalition would be a step to fully gather the necessary funds.