Luxembourg, 11/09/2003 (Agence Europe) - The European Investment Bank (EIB) is providing EUR 40 million for financing capital investment projects of Syrian small and medium sized enterprises (SMEs). The operation is being financed under the EIB's new "Facility for Euro-Mediterranean Investment and Partnership” (FEMIP), whose primary focus is to foster development of the private sector and its socio-economic environment. It will be the first EIB loan for the private sector in Syria. The financing is an innovative and pilot project for EIB and the whole Mediterranean region, for its structure: The EIB loan is made available to the Syrian Arab Republic, through the Ministry of Economy and Foreign Trade, for establishing a SME Fund, which will administer the EIB credit facility and will onlend EIB loan proceeds to SMEs having qualifying projects in the sectors of industry, services, tourism, health and training. The SME Fund Management Unit will be assisted by external Consultancy support, selected and funded by the EIB out of EU budgetary resources available for Technical Assistance under FEMIP. Commenting on the operation at signature, EIB Vice-President Philippe de Fontaine Vive said: I hail "the synergies this operation is building up with the institutional support programme for Syria of the European Commission, notably the Syrian European Business Centre."