Abu Dhabi fund finances new Syrian textile factory
The Syrian government recently commenced construction on a $140 million textile factory in Tartus, approximately 260 kilometers west of Damascus. The Abu Dhabi Fund for Development (ADFD) will finance 50 percent of the building costs, reported the WAM news agency.
The loan agreement between the ADFD and Syria was inked in November 1999. The factory, to be fully operational by April 2004, will have an output capacity of 15,000 tons of yarn, twine and fiber and is hoped to create up to 3,000 new jobs. “It will meet local market demand and reduce imports of textile products from Far East markets,” said ADFD Director General Saeed Mattar Al-Rumaithi.
ADFD was established in 1971 with the aim of providing loans, grants and technical aid on easy terms to Arab, Muslim and other developing countries, in order to enable them to carry out their development and infrastructure projects, including agricultural, industrial, transport, rural development, housing, water, electricity, road, port, dam and tourism projects. — (menareport.com)
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