Financing mechanisms and guarantees necessary for investment on the second day of 1st Conference for Investment in Electricity and Renewable Energies

The participants in 1st Conference for Investment in Electricity and Renewable Energies focused during the second day’s sessions on the financing mechanisms and guarantees necessary for investing in the field of renewable energies and benefiting from the experiences of countries and private investment in developing the sector. 

In the first session, chaired by the Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, Director General of the Syrian Investment Authority, Madian Diab, referred to the authority’s role in promoting investment opportunities in the field of renewable energies and simplifying procedures. 

Diab said that the authority is ready to provide all facilities that investors can benefit from in accordance with Investment Law 18 .

In turn, the assistant director of the Government Commission at the Central Bank of Syria, Ismat Yousef, drew attention to the bank’s role in financing private sector projects and providing sufficient and necessary guarantees for renewable energy projects. 

Assistant Minister of Economy and Foreign Trade for Economic Development Rania Ahmed outlined the ministry’s role in encouraging the establishment of private sector projects and supporting the requirements of the renewable energy industry through the import substitution program, which aims to achieve self-sufficiency and investment in some sectors through the development of local production. 

The second session, chaired by the Chairman of the Planning and International Cooperation Authority, Dr. Fadi Al-Khalil, included a presentation by the representative of the Economic and Social Committee for Western Asia “ESCWA” Radhia Sedawi on the experiences of countries in developing the electricity sector and benefiting from private investment.

For his part, the Secretary-General of the Arab Authority for Renewable Energy, Eng. Muhammad Nawaf Al-Taani, reviewed the causes of energy crises in a number of countries, and the solutions and proposals that can greatly alleviate their suffering in obtaining electricity. 

The Minister of Electricity, Engineer Ghassan Al-Zamil, highlighted the difficulties the ministry faces in securing energy supplies with all its components due to the unilateral Western economic siege imposed on Syria. 

The Minister of Electricity also called for the lifting of sanctions on the Syrian people because of their negative impact on all the necessities of life. 

The Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, stated that the conference is an opportunity to exchange experiences and present ideas by attending various governmental and private organizations. 

The Minister of Oil and Mineral Resources, Eng. Bassam Tohme, drew attention to the need to diversify energy sources and the trend towards using geothermal energy in heating and agriculture.

He pointed to the possibility of benefiting from the geothermal energy in Syria in the Abu Rabah area of Palmyra.

The Minister of Oil and Mineral Resources, Eng. Bassam Tohme stressed the ministry’s readiness to develop the necessary database for any interested person wishing to complete any project in this field. 

O. al-Mohammad