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FINANCIAL NEWS
Syria approves $105.7m Kuwaiti financial loan
20 Dec 2010
(MENAFN) Dr. Mohammad Al Husain, Syria’s Minister of Finance, said that the Syrian Parliament has approved a draft law that would endorse a $105.7 million loan agreement, to finance an electrical power plant in the Syrian eastern area of Dair Alzour, QNA reported.
The loan agreement, which was signed by Kuwait, Syria and the Arab Fund for Economic and Social Development, aims to meet the accelerating electricity demand in the eastern area by building a power plant and connecting it with the local electricity network in order to alleviate electricity consumption levels, explained Al Husain.
According to Al Husain, Syria’s actual spending during 2010 amounted to 96.45 percent of the total approbations of $9.5 billion, whereas actual spending of investment funds were 93.75 percent from the total funds of $4.7 billion, therefore, what was actually spent on investments and developmental projects was $4.4 billion.
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