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Signature(s)

Amount
€ 104,850,165.74
Countries
Sector(s)
Syrian Arab Republic : € 104,850,165.74
Industry : € 104,850,165.74
Signature date(s)
28/09/2009 : € 52,425,082.87
28/09/2009 : € 52,425,082.87
Link to source

Summary sheet

Release date
18 March 2009
Status
Reference
Signed | 28/09/2009
20090033
Project name
Promoter - financial intermediary
Syrian Cement Company

The promoter is a locally incorporated company, established to implement the proposed project. The company is majority-owned by a European cement producer.

Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to USD 170 million.
Estimated at approximately USD 680 million.
Location
Sector(s)
Description
Objectives

The project concerns the construction and operation of an integrated cement plant with a capacity of 7,500 ton per day of clinker, equivalent to some 2.6 Mt of cement per annum.

The project will primarily cater to the domestic market which is currently in deficit. By facilitating local cement production this project should reinforce Syria’s capacity for self-sustaining development, increasing the local value added while replacing the present high level of more expensive cement imports. The project is of particular significance being one of the first large scale private sector investments in the industrial sector in Syria. The project further supports Foreign Direct Investment (FDI) by a European company into Syria.

Environmental aspects
Procurement

An equivalent project in the EU would fall under Annex II of Directive 97/11/EC. An Environmental Impact Assessment has been carried out. Mitigating measures to be applied, if any, and compliance with relevant legislation will be assessed during appraisal.

Procurement procedures will comply with the Bank’s procedures for private-sector projects

Link to source
Summary sheet

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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