Iran to soon finalize joint bank with Syria

Iran’s Deputy President Mohammad-Reza Rahimi has expressed hope that the setup of a joint Iranian-Syrian bank would be finalized soon.

“We hope to finalize the issue in my upcoming visit to Syria,” Rahimi said Saturday in a meeting in Tehran with the Syrian Minister of Economy and Trade, Amer Hosni Lotfi.

Iran and Syria agreed in 2008 on setting up a joint bank in the Syrian capital, with an initial capitalization of $30 million.

The agreement was reached in a meeting attended by Iran’s Housing Minister, Mohammad Saeedi-Kia, the Syrian Minister of Economy and Trade, Amer Hosni Lotfi, and the governor of the Central Bank of Syria, Adib Mayaleh.

Saeedi-Kia said that some 49 percent of the shares of the joint bank will belong to Iran’s Bank Saderat and 51 percent to Syria.

He noted that the Iran-Syria bank will provide Iranian investors, businesspersons and pilgrims with varying services.

Currently, Iran is involved in implementing several industrial projects in Syria, including cement factories, car assembly lines, power plants, and silo construction.