European Investment Bank launches 1st project in Syria

Published December 11th, 2000 - 02:00 GMT

A senior source at the European Commission Office in Damascus revealed that the European Investment Bank will launch its first investment project in Syria next year. According to Al-Watan newspaper, all the necessary preparations and measures have already been completed to start this investment operation.  


The same source added that the Bank will soon sign an agreement with the Syrian government to begin its project which is valued at several millions of dollars. The European Investment Bank has chosen the Syrian electricity sector to launch its project in Syria. 


The Syrian Industry Minister, Ahmed Al-Hamo, stated that the contribution of the local private sector to the Syrian industries had recently grown from 44 percent to 63 percent. The added value of the private sector had also jumped by 256 percent in the recent period. The contribution of the local private sector to the capital invested in the local industries increased from 44 percent in 1991 to 63 percent in 1998. –(Albawaba-MEBG) 

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