Kuwaiti Fund to Finance $350m Worth of Syrian Development Projects
Kuwait and Syria have agreed on a four-year timetable for the Kuwait Fund for Arab Economic Development to grant the Syrian government loans totaling $350 million to finance a number of development projects, reported the official Kuwaiti news agency, KUNA, on Tuesday.
Following talks with Syrian Planning Minister Issam Al Zaim in Damascus on Monday, fund director Badr Al Humaidhi told the agency that the Kuwaiti side would finance the projects as soon as studies were ready.
He said projects included the development and expansion of a drinking water system in Damascus, and another concerned with combating unemployment.
Humaidhi said the fund was ready to present financial and technical support needed for the projects, which are of great importance to Syria.
He said that Syrian President Bashar Al Assad, who visited Kuwait this month, had called for giving priority to both projects.
Before Assad’s visit, Kuwait and Damascus signed three cooperation agreements in the Syrian capital – Albawaba.com