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FINANCIAL NEWS
Kuwait fund extends $71m loan to Syria
30 Oct 2010
(MENAFN) Kuwait Fund for Arab Economic Development initialed a deal with the Syrian Government to fund expansion of Al-Nasiriah power plant located on the outskirts of the Syrian capital, Sana reported.
The $71 million loan tentative deal was signed by officials of the Kuwaiti fund and the official in charge of the department of public debts of the Syrian Finance Ministry. According to the accord, the station would be expanded and its power would be enhanced to 35 megawatts, said the Kuwaiti Ambassador to Syria Aziz Al-Dihani.
A KFAED delegation examined the construction site of the venture.
The intial accord would be referred to the relevant authorities in Kuwait in preparation for the final endorsement by the two sides.
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