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FINANCIAL NEWS
Syria inks $33m agreement with Germany
15 Jul 2010
(MENAFN) The Syrian Government and the German Development Bank (KFW) have signed a financial cooperation agreement at the headquarters of the State Planning Commission in Damascus, Sana reported.
The agreement stipulates granting $32.5 million to Syria, $24 million of which will be granted as soft loans for funding ‘al-Yarmouk Saltwater Management Project’ and $8.5 million for following up the required procedures for establishing the first bank for microloans in Syria.
The agreement comes in the framework of the financial, scientific and technical cooperation between Syria and Germany. It comes into force once the Syrian government notifies Germany that it has finished the required legal procedures.
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