Syria creates special bank for investors

Published October 30th, 2000 - 02:00 GMT

Syrian President Bashar al-Assad issued a decree Sunday creating a special bank for investors, an official statement said. 

 

The bank is aimed at "absorbing the new influx of capital coming from investment, and assuring all the banking needs of investors," it said. 

 

The bank, based in Damascus, "will be independent financially and administratively and will be supervised by the minister for the economy and foreign trade, Mohammad Imadi," the statement added, without specifying the bank's capitalization. 

 

The government of Prime Minister Mohammad Mustapha Miro formed in March has said its main objective is to boost the economy and attract local and foreign private investment. 

 

Foreign banks were subsequently authorized to operate in special zones, a move that marked the first opening of the banking sector since it was nationalized in 1963 after the Baath party came to power.— (AFP)  

 

© Agence France Presse 2000  

 

© 2000 Mena Report (www.menareport.com)

You may also like