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Iran, Syria to set up joint bank
Iran and Syria have signed agreements to boost trade and cooperation in the spheres of banking, industry, technology, and energy.
Economic delegations from both countries met in the Syrian capital, Damascus on Tuesday and signed memorandums of understanding to improve such ties.
The creation of a joint Iran-Syria bank was at the top of the agenda. Iran will own 60 percent of the bank that will be established by an initial capital of $30 million.
The Head of Iran's Trade Promotion Organization, Babak Afghahi, said on Tuesday, 25 May, that necessary legal infrastructure has been created to facilitate trade between Iran and Syria.
The implementation of agreements signed between the two countries during the Iranian delegation's visit to Damascus will increase the value of trade between the two countries to $5 billion per year.
Economic delegations from both countries met in the Syrian capital, Damascus on Tuesday and signed memorandums of understanding to improve such ties.
The creation of a joint Iran-Syria bank was at the top of the agenda. Iran will own 60 percent of the bank that will be established by an initial capital of $30 million.
The Head of Iran's Trade Promotion Organization, Babak Afghahi, said on Tuesday, 25 May, that necessary legal infrastructure has been created to facilitate trade between Iran and Syria.
The implementation of agreements signed between the two countries during the Iranian delegation's visit to Damascus will increase the value of trade between the two countries to $5 billion per year.