Syria approves $106m loan agreement from Arab Fund

23 Dec 2010

(MENAFN) The Syrian parliament agreed on taking a loan of $106m from the Arab Fund for Economic and Social Development for the building of a 750-megawatt power plant, Arabian Business reported.

The plant would cost $891 million and would be located in the eastern province of Deir Ezzor. Metka SA, Greece�s biggest builder of electricity plants, and Ansaldo Energia SpA, a unit of Finmeccanica SpA of Italy would be in charge of building the power plant.

According to Syrian electricity ministry, in addition to the loan from Arab fund, the European Investment Bank, the Islamic Development Bank and the Saudi Fund for Development would also contribute to financing the project.

This project is among $7.5 billion power projects Syria plans to conduct in the coming five years.

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