Syria, Kuwait sign loan agreement to expand Damascus water network

19:17, March 10, 2010      

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Syria on Tuesday signed an agreement here with the Kuwaiti Fund for Arab Economic Development (KFAED) to provide Syria with loans to expand potable water network in Damascus, the Syrian official daily Al-Baath reported Wednesday.

The amount of the loan stood at 15 million Kuwaiti dinars (51 million U.S. dollars). The project is expected to meet Damascus and its suburbs' demands of potable water till 2022 and improve the efficiency of the network and decrease water losses, the report said.

Earlier on Tuesday, Syrian Prime Minister Mohammed Naji Otri held talks with the KFAED Director General Abdul Wahab Al-Bader, reviewing prospects of developing the existing cooperation between the two countries in various areas.

Both sides voiced their desire to allow Kuwait's banks to play a more active role in supporting infrastructure projects in Syria, particularly electric power, irrigation and agriculture and drinking water projects.

Source: Xinhua
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