BAKU, Azerbaijan, August 2. A consortium of Iranian and Syrian insurance companies has established two non-state joint banks in Syria, and branches of these banks have already started operating, Iranian Minister of Economic Affairs and Finance Ehsan Khandouzi told reporters after the meeting of the Cabinet of Iran in Tehran on August 2, 2023, Trend reports.
The minister said that a consortium was established between three non-state insurance companies in Iran and one insurance company in Syria. According to the consortium, 60 percent of the non-state bank belongs to the Iranian side and 40 percent to the Syrian side.
According to Khandouzi, the development of these banks will make it possible to offer services to Iranian businesses, investors, and entrepreneurs that wish to operate in the Syrian market.
He asserts that the rapid establishment of a cooperative bank is seen as a significant development in the advancement of relations between the two nations.
On June 3, Iranian President Ebrahim Raisi visited Syria. Within the framework of the visit, it was agreed to create a joint non-state bank between the two countries.
---
Follow the author on Twitter:@BaghishovElnur