EIB loans Syria €50 million to upgrade Tartous Port
The European Investment Bank (EIB) is providing €50 million for the modernization and development of the port of Tartous, in the South of Syria. The loan is made available to the Syrian Arab Republic and works will be implemented by the Ministry of Transport.
The works include the rehabilitation of one quay and the main breakwater, dredging, construction of two quays to handle additional traffic, including passenger and cargo terminals, and acquisition of modern handling equipment for containers and general cargo.
The investment is part of the efforts to modernize and develop Syria’s ports, as the bulk of the country’s foreign trade is sea borne. Tartous together with Latakia, are the country’s two major commercial ports. Tartous serves mainly central and southern parts of Syria, including the capital Damascus. Its port is specialized in certain types of general, roll-on/roll-off and solid bulk cargo.
The construction of a new passenger terminal will contribute to the expansion of the tourism industry in the vicinity of Tartous. Enhanced Syrian port facilities will contribute to promoting regional and international trade flows in view of the establishment of a free trade zone in the Mediterranean region by 2010. — (menareport.com)
© 2003 Mena Report (www.menareport.com)