Damascus - The Cabinet on Tuesday, during its weekly session chaired by Prime Minister Mohammad Naji Otri, approved the establishment of a private bank, as a joint stock company called the Kuwait National Bank- Syria.
The bank is Damascus-based, with a capital of SYP 10 billion (USD 214, 13 million) distributed on 20 million shares.
The Cabinet also approved opening a representing office of the Turkish bank, ISBANK, in Syria.
The Cabinet approved raising the Housing Bank for Trade and Finance's contribution to the International Bank for Trade and Finance (IBTF) to reach 60% of its capital, in addition to raising the contribution of Fransabank SAL to Fransabank Syria's capital to reach 59,666%.
The contribution of Arab Bank - Jordan to the capital of Arab Bank - Syria is to reach 53%.
The Cabinet approved a draft law on ratifying the agreement of establishing a fund of trade financing, signed earlier between Syria and Venezuela.
A memo of understanding in the field of environmental protection between Syria and Libya was also ratified, along with a health-sector memo signed earlier between the Syrian Ministry of Health and the Syrian-Lebanese Hospital in San Paolo, Brazil.
© SANA (Syria Arab News Agency) 2011
