Joint Arab bank established in Damascus
According to the Tishrin daily, the Syrian authorities have give the go-ahead for the establishment in Damascus of a joint Arab bank, with private and public capital.
The Syrian parliament approved at the end of March a law authorizing the creation of private banks in Syria, where the banking sector has been nationalized since 1963.
The law, which will come into effect after being signed by President Bashar al-Assad, is aimed at attracting both local and foreign private investment to revive the Syrian economy, which has been stagnating for years. — (AFP, Damascus)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)