The Arab Fund for Economic and Social Development (AFESD) has granted Syria two loans worth $50 million. The funds will finance a number of development projects including the construction of two power stations in the northern province of Idleb. The loans are re-payable for 22 years and have an interest rate of 4.5 percent, reported Lebinvest.
Established in 1974, AFESD is a multilateral Arab development corporation. Its membership consists of all states that are members of the Arab League. The Fund’s function is to assist the economic and social development of Arab countries through financing development projects, with preference given to overall Arab development and to joint Arab projects. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
