DAMASCUS, (SANA)-European Investment Bank on Monday launched the second phase of financing the small and medium projects in Syria with loans ranging from 200 thousands and 12.5 millions Euro and maximum duration of 12 years.

"We will fund all projects whether they were industrial, tourist or service, except the commercial projects," Chairman of the Financing Unit for the Small and Medium  Projects of the European Investment Bank Nizar Ibrahim said in a statement.

The total loan offered by the European Bank covers no more than 50% of the investment cost of any project, and the interest average paid by the beneficiary side will be 7.5%.

The Syrian government has lately signed with the European Investment Bank a contract on funding the second phase of financing the small and medium projects with a budget of 80 millions Euro compared to 40 millions Euro in the first phase.

Mazen