Russia allocates $ 500 million to modernize the Syrian port of Tartous

Moscow has announced the allocation of $ 500 million to invest in the modernization of the Syrian port of Tartous on the eastern shores of the Mediterranean.

Russian Deputy Prime Minister Yury Borisov told reporters today, Tuesday, that half a billion dollars will be invested over a period of four years in modernizing the Syrian port of Tartus.

Borisov, who arrived yesterday to Damascus on a working visit, said, “The Russian side intends to re-establish and strengthen the old port and build a new commercial port, with an investment value estimated at about $ 500 million for a period of four years”.

According to Borisov, the port has provided employment opportunities for 3700 people in Tartus, and the Russian side plans to modernize the port to a modern level, restore its activity, in addition to allocating and establishing a new railway through Syria and Iraq to create a corridor to the Mediterranean linking it with the Gulf via Iraq, which It will increase the shipping capacity and commercial traffic in the Syrian port.

The Russian Deputy Prime Minister, Yuri Borisov, had arrived in Syria with a two-day visit during which he met with Syrian President Bashar Al-Assad and discussed the issue of Tartous Port and the supply of agricultural products.

Yesterday, the Office of the Russian Deputy Prime Minister told reporters: “The visit takes place before the meeting of the bilateral governmental committee, and trade and economic issues will be discussed, including the operation of the port of Tartous that Russia has leased, and options for customs preferences for the supply of Syrian agricultural products to Russia from citrus, olives and olive oil”.

A delegation of Syrian businessmen was visiting the Crimea, during which a round table session will be held entitled “Business Sector Dialogue” Crimea – Syria: Development of Trade Relations.

It should be noted that the President of the Crimean Government, Yuri Gutsanyuk, previously announced the participation of the Kirch Railroad Factory, which specializes in the production of transit links and railway switches, in a tender to supply its products to Syria.

He also indicated that in the next two months, a shipment of grain of up to 5,000 tons will be sent to Syria from the Crimea.

In 2017, Moscow and Damascus signed an agreement on the deployment of the Russian Maritime Logistics Center in Tartus for 49 years.