Oct 16 2008 |
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Joint Bank With Syria
The Commercial Bank of Syria and Iran's Saderat Bank are in talks about forming a joint venture to finance increasing business links between Damascus and Tehran, FT said.The creation of a joint bank will frustrate Washington, which has sought to isolate Iran over its civilian nuclear program.
"We are in discussions," said Abdullah Dardari, Syria's deputy prime minister for economic affairs, confirming that a feasibility study was under way. "We need someone to finance bilateral trade, so why not? There is plenty of bilateral trade and we are now negotiating a free trade agreement with Iran."
According to him, the prospect of a joint venture bank has the support of both governments.
Banking officials in Tehran say the two sides signed a memorandum of understanding but as they put it the agreement did not specify that Saderat to be the Iranian partner.
Trade volumes between the countries are low, at about $400m a year, compared with the trade to Europe and other Arab states. But total Iranian investments in Syria have been increasing and now include two Iranian car factories and a cement plant.
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