TAF to finance first private sector support fund in Syria
FEMIP Technical Assistance Fund (TAF) provides a major Technical Assistance program for the start of operations and development of the first private sector support fund in Syria, the SME FUND.
Set up by the EIB in cooperation with the Ministry of Finance and domestic banks, the SME FUND is to provide long-term financing in foreign currency to private sector Small and Medium-sized Enterprises (SMEs) located in Syria. The original agreement for the establishment of the SME FUND was signed in September 2003 for an amount of EUR 40 million.
An international consultancy consortium led by DFC SA based in Spain has been selected to carry out the Technical Assistance programme. The Consultants will officially start their 3-year assignment on 21 June 2004.
Established in July 2003 the FEMIP TAF will help accelerate and enhance the preparation and implementation of investment projects in the Mediterranean region with a particular focus on private sector development. Up to end 2006, TAF has available a total of EUR 105 million for Technical Assistance grants. Works and services under the FEMIP TAF are procured in line with the EU-MEDA regulation. (menareport.com)
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