Syria's parliament approves deal for $1b in Iranian credit

Published July 8th, 2015 - 04:00 GMT

Syrian state media on Tuesday approved a deal with Iran for Tehran to provide a new line of credit to President Bashar al-Assad’s government worth $1 billion, AFP reported.

The decision marks the third line of credit Iran has offered the Syrian government since the country’s conflict erupted in March 2011.

"The People's Council today approved a deal on a line of credit of $1 billion," which was signed on May 19 in Damascus by Syria's Commercial Bank and the Export Development Bank of Iran, the official SANA news agency said.

The agency added the new credit line will be used for "importing merchandise and carrying out projects," without giving further details, AFP reported.

Iran has been a key backer of the government in Damascus, providing military and financial support throughout the conflict.

In 2013, Tehran extended $4.6 billion in credit lines to Syria, much of which was devoted to oil purchases.

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