Syria to start joint institution with Saudis to promote private sector
Syrian President Bashar al-Assad issued a decree Sunday ratifying the creation of a Syrian-Saudi body to help private enterprise, an official said. The Islamic Development Bank (IDB) will pay for Syria's 19 shares in the the Islamic Institution to Promote the Private Sector, each share being valued at $10,000.
The Syrian Commercial Bank will represent Syria in the body.
The institution was part of an agreement signed in February by Syrian Finance Minister Mohammed Imadi and IDB director Mohammed Ahmed Ali. Syrian officials have been stepping up legal and fiscal measures aiming to attract private investment.
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)