Luxembourg, 25/06/2004 (Agence Europe) - The Technical Assistance Fund (TAF) of the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) is to implement a major technical assistance programme for initiating and developing the SME Fund, the first fund to support the private sector in Syria.
Set up by the European Investment Bank (EIB), in cooperation with the Syrian Finance Ministry and several local banks, the SME Fund aims to acquire long-term financing in foreign currency for private sector small and medium-sized enterprises in Syria. The original agreement for the establishment of the SME Fund was signed in September 2003 for an amount of EUR 40 million. An international consultancy consortium led by DFC SA based in Spain has been selected to carry out the Technical Assistance Programme. Consultants officially started their 3-year assignment on 21 June, 2004.
Created in July 2003, the FEMIP Technical Assistance Fund aims to help accelerate and enhance the preparation and implementation of investment projects in the Mediterranean region with particular focus on private sector development. Up to end 2006, TAF has available a total of EUR 105 million for technical assistance grants. Works and services under the FEMIP TAF are procured in line with the EU-MEDA regulation.