Iran, Syria to Establish Joint Bank in Damascus

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said that Iran and Syria signed an agreement within the framework of bilateral cooperation between the two countries to establish a joint bank in Syrian capital city of Damascus.

The Iranian official broke the news on Tuesday posting a message on his Instagram page where he recounted that the document was signed during the two-day visit of Iranian First Vice-President Eshaq Jahangiri to Syria.

According to the agreement sealed with Syrian central Bank, brokerage services between the banks of the two countries will establish and the permission to open a joint bank in Damascus will be issued, Hemmati said in his message.

According to the news agreements, the banks of the two countries will be able to open new accounts for the citizens of the two countries, doing transactions based on the national currencies of Iran and Syria.

“The Syrian leadership is attaching great importance to strengthening economic relations with Iran and setting the topmost priority to Iranian companies,” he said.

During the two day visit of Jahangir and the accompanying high-ranknig delegation to Syria, Iran and Syria sealed several key economic agreements in areas of trade, industry, investment, and agriculture, as well as some Memoranda of Understanding (MoUs) to increase scientific cooperation, in a bid to speed up the reconstruction of the war-ravaged country.

Detailing the agreements, Jahangiri said the two sides had come to "very important agreements on banking cooperation." Syrian Prime Minister Imad Khamis also announced that the countries had inked a "unique" agreement enabling long-term economic cooperation.

The Iranian official also noted that the Islamic Republic will be contributing to repairing of power stations throughout Syria and set up a new such facility in the northwestern Syrian Latakia province.

The countries also signed several memorandums of understanding addressing education, housing, public services, railways, and investment among other areas. Khamis called the MoU’s "historic."

"We will be by Syria's side in the reconstruction phase as we have been by its side in fighting terrorism," Jahangiri said.

Earlier on Monday, Jahangiri reassured that Tehran will keep supporting Damascus in the reconstruction phase after the war.

Jahangiri said that Iran is honored to be spearheading the anti-terror campaign in the region while felicitating the Syrian government and nation for their achievements in the fight against terrorism.

Iran's vice president expressed hope that terrorists would be completely eliminated in the Middle East and said, "The international community and the Europeans should know that if it were not for the sacrifices of the Syrian government and people as well as the country's allies, ISIL terrorists would establish a government in the region and would turn into a big and insolvable problem for global security."

The Iranian vice president further said that regional and global security is closely intertwined, emphasizing that the promotion of security in the region leads to enhanced international security.

Jahangiri added that Iran would stand by the Syrian government and nation in the reconstruction plans of the war-stricken country, saying, "Syria has entered a new phase and efforts should be made toward the country's reconstruction."

He noted that Iran is among the countries in the region and across the world that enjoy high capabilities to build power plants and pledged to help Syria in this regard.

Heading a 40-member delegation, the Iranian vice president arrived in the Syrian capital on Monday on a two-day visit to hold talks with senior officials of the Arab country.

Iran is a key ally of Syria. Tehran has been providing military advisory assistance to Damascus in its anti-terror fight.

In a related front, early on December 30, Iranian Minister of Road and Urban Development Mohammad Eslami said that Iran and Syria have sealed a strategic agreement.

Eslami invited all Iranian business people to accompany the delegation for talks on the reconstruction process in the Arab country.

He made the announcement at a meeting of Iranian business people with the Syrian Minister of Economy and Foreign Trade Mohammad Samer al-Khalil held at Iran’s Chamber of Commerce.

The Iranian minister said that with the implementation of a strategic economic agreement between Iran and Syria, the condition is ripe for sustainable development of economic and trade relations between the two sides.

He maintained that the meeting will make it easier for a stronger presence of Iranian private sector in Syria, highlighting the need for the participation of Iranian business people in Syria’s projects following the restoration of peace and stability to the Arab country.

He further underscored the participation of the Iranian private sector in Syria’s reconstruction process, referring to plans for taking different measures this time through joint investments.

Senior Iranian officials have repeatedly voiced the Islamic Republic's readiness to help Syria with reconstruction of the war-ravaged country.

In early October, Iran signed an agreement to build a 540-megawatt (MW) gas fired power plant in Syria’s coastal city of Lattakia.

At the request of Damascus, Iran has also been providing military advisory assistance to the Syrian government forces in its fight against foreign-backed Takfiri terrorists.