EIB sets up €40 million scheme for Syria’s SMEs
The European Investment Bank (EIB) is providing €40 million for financing capital investment projects of Syrian small and medium sized enterprises (SMEs). The operation is being financed under the EIB’s new "Facility for Euro-Mediterranean Investment and Partnership” (FEMIP), whose primary focus is to foster development of the private sector and its socio-economic environment.
As the first EIB operation in support of the private sector in Syria, the financing is a pilot project for EIB and the whole Mediterranean region. The loan is made available to the Syrian Arab Republic, through the Ministry of Economy and Foreign Trade, for establishing an SME Fund, which will administer the EIB credit facility and will onlend EIB loan proceeds to SMEs having qualifying projects in the sectors of industry, services, tourism, health and training.
The SME Fund Management Unit will be assisted by external Consultancy support, selected and funded by the EIB out of EU budgetary resources available for Technical Assistance under FEMIP.
“With EU support and joint forces from its private sector operators, the country can best prepare itself for the establishment of a free trade zone in the Mediterranean region by 2010,” commented EIB Vice-President, Philippe de Fontaine Vive. — (menareport.com)
© 2003 Mena Report (www.menareport.com)