The Facility for Euro-Mediterranean Investment and Partnership (FEMIP) is granting a EUR 200 million loan for clean energy production in Syria.
The loan is for the construction of a 750 MWe natural gas-fired combined cycle power plant located at Deir Ali, 25 km south of Damascus. The project will be implemented and managed by the Public Establishment of Electricity for Generation and Transmission (PEEGT).
This FEMIP loan is the largest ever signed in Syria, and, so far, the largest in the energy sector signed in 2004 in the Mediterranean Region. It is the third FEMIP loan in the Syrian electricity sector over the last five years, after the Electricity Transmission loan (EUR 75 million in 2000) and the Electricity Distribution loan (EUR 115 million in 2001).
The finance contract was signed Monday in Damascus by Mr. Philippe de Fontaine Vive, EIB Vice-President in charge of FEMIP, and Mr. Mounib Saem El-Dahr, Minister of Electricity.
Overall FEMIP activities in Syria have witnessed a record year in 2004 with total disbursements reaching EUR 100 million to-date. Syria has also been in 2004 the first Mediterranean Partner Country to benefit from the Bank’s newly created FEMIP Technical Assistance Fund. (menareport.com)