Iran, Syria ink agreement to boost economic cooperation

The Islamic Republic of Iran and Syria have signed a memorandum of understanding (MoU) on economic cooperation and transfer of technology for electricity generation and transmission.

Under the agreement inked between energy officials of the two countries in the presence of Iranian First Vice President Mohammad Reza Rahimi and Syrian Prime Minister Wael Nader al-Halqi in Tehran on Wednesday, Iran will provide engineering services as well as necessary equipment for transmission of electrical power through the Syrian national power grid.

The contract is worth about 50 million euros (over USD66 million), and is projected to be implemented in 20 months.

Meanwhile, Tehran and Damascus signed an agreement to open a USD1-billion line of credit that will allow Syrian importers to purchase Iranian supplies without the need for direct cash transfer.

The deal was cut between the Export Development Bank of Iran and Commerce Bank of Syria.

Halqi arrived in Tehran on Tuesday for a two-day visit. During his stay, he discussed matters of mutual interest as well as regional and international developments with senior Iranian officials.