The European Investment Bank (EIB) on Friday signed an agreement with Syria on provision of 200 million euros loan to finance energy projects in the Arab country, the official SANA news agency reported.

"This agreement will enable Syria to substitute gas for oil in electricity generating," an EIB statement said.

Syrian Minister of Electricity Muneeb Saem al-Daher signed the pact with EIB's deputy chairman Philip du Vontin Viv in Paris, said SANA.

Daher applauded the agreement, hailing Syria's relation with the EIB as strong and successful.

"Syria has a clear economic reform program and the year 2006 will witness the achievements of all projects studied and agreed on," Daher said.

Source: Xinhua