Damascus: The Arab Fund for Economic and Social Development and the Saudi Fund for Development will give loans worth more than $200 million (Dh734 million) to finance a power project in Syria, the Syrian finance ministry said.
The ministry will sign an agreement for a loan of 30 million Kuwaiti dinars ($108 million) with the Kuwait-based AFESD and another 375 million Saudi riyals ($100 million) agreement with the Saudi fund this week, it said on its website on Sunday.
The loans, due to fund a power generation project in the eastern province of Deir Ez-Zor, will be signed during meetings of Arab finance ministers in Damascus on Wednesday and Thursday.
A coordination meeting will also be held with six Arab funds, namely AFESD, the SFD, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the Abu Dhabi Fund for Development and the Opec Fund to discuss the financing of a project.
The ministry said the project aims to channel water from the Tigris River to the northeastern governorate of Hassakeh.
