Development finance agreements worth $403.6 million were signed between Syria and Saudi Arabia

According to the news of Damas Radio affiliated with the Syrian Ministry of Information, the bilateral cooperation, which was transformed into concrete projects after Syrian President Ahmed Shara's critical visit to Saudi Arabia today, covers a wide range from infrastructure to basic services.

In this context, 6 separate privileged loan agreements with a maturity of 20 years and a grace period of the first 5 years were signed between the Saudi Arabian Development Fund and the Syrian government, which is the first development financing directed directly to the Syrian state.

Within the scope of financing, $90 million was allocated for the rehabilitation of the Aleppo Thermal Power Plant, $100 million for the repair of damaged hospitals and health buildings, and $105 million for the establishment of 25 civil defense and disaster management centers.

In addition, $60 million was allocated for the repair of 10 thousand houses, $30 million for the installation of approximately 300 thousand smart water meters in Damascus and Idlib, and $18.6 million for the development of digital transformation and financial services.

While memorandums of understanding were signed between the two countries in the fields of industry, agriculture and environmental protection, it was decided to provide support worth 10.6 million dollars for Syria's participation in the Expo 2030 Riyadh Fair.