Amid growing aspirations to rebuild Syria on modern and sustainable foundations, the “Energy and Infrastructure” conference was held on September 22 at the Golden Mezze Hotel in Damascus, aiming to enable major Arab and international companies to showcase opportunities for joint investments. Notably, the conference was marked by the absence of any government representation.
The event, covered by Enab Baladi, was organized by the Euro-Mediterranean Arab Association for Economic Cooperation (EMA) and the German law firm CLAYSTON. It aimed to open the door for leading private companies, Syrian, Arab, and foreign, to invest in renewable energy and Syrian infrastructure.
Organizers
The EMA is an international non-profit, non-governmental organization headquartered in Germany, dedicated to strengthening economic cooperation between Arab countries, Mediterranean Europe, and North Africa. It is chaired by Dr. Thomas Wölfer, with honorary presidents including former German President Christian Wulff and Jordan’s Prince Hassan bin Talal.
CLAYSTON is an international alliance of law firms, tax advisors, and financial experts founded in 2005 and based in Hamburg, Germany. It provides comprehensive legal and tax consultancy in corporate law, labor, real estate, and trade, with a global network of offices in major financial, commercial, and political hubs.
Loans for non-profit and for-profit entities
Syrian-German lawyer Mamdouh al-Tijar, director of both the EMA and CLAYSTON branches in Damascus, told Enab Baladi that renewable energy projects are prioritized for funding.
He explained that the EMA provides financial support to non-profit organizations in Syria through European government funding, while CLAYSTON secures financing for for-profit organizations (private companies and enterprises) through private European banks.
“If there are private companies in Syria seeking financing, we provide loans for such projects for a period of ten years with low interest rates, offered by European banks for large-scale ventures guaranteed by Syrian companies or joint ventures in the region,” al-Tijar said.
The conference was attended by companies from Germany, the United States, Qatar, Saudi Arabia, Jordan, and Turkey.
Reduced interest rates from 4% to 6%
According to al-Tijar, loan interest rates range between 4% and 6%, depending on project cost and economic feasibility. Loan amounts start at €50 million for each project, intended to support renewable energy and infrastructure projects in Syria and facilitate Syrian exports to Europe.
He described the conference as an important opportunity to explore international financing options and promote economic cooperation in infrastructure, renewable energy, security, and defense.
In contrast, loans offered by Syria’s public banks to finance renewable energy and infrastructure rehabilitation projects remain suspended. The only exception is the state-run Industrial Bank, which provides loans to industrialists, artisans, and professionals with a ceiling of around €235,000 and a minimum annual interest rate starting at 17% on a declining balance basis.
Ambitious EMA projects
The EMA also focuses on human resources in fields such as training and digital education. Its Damascus office director noted that agreements will soon be signed with several private Syrian universities, including the International University for Science and Technology (IUST).
IUST launched a Sustainable Development Office in 2023 and has signed cooperation agreements with Arab and international universities, including Damascus University, the University of Utah (US), Brno University of Technology (Czech Republic), Philadelphia and Petra universities (Jordan), and Jindal Global University (India).
The EMA also seeks to implement additional initiatives, according to al-Tijar, including “training non-profit companies in renewable energy,” “training in healthcare,” and a “project to support women’s role in the economy” (Wisal).
Loans starting at €50 million offered for renewable energy projects in Syria Enab Baladi.
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