Iran-Syria joint venture bank will open in the next eight months, the director of Iran-Syria Merchants Council stated.
In a meeting with Iranian businessmen touring Syria's Export Development Center, Hassan Javad pointed out that the initial capital of the bank was $30 million and the bank's building in Damascus was ready.
Each side owns 50 percent of the total shares, the Syrian official said, IRNA reported.
"Holding exhibitions of Syrian goods in Iran, and vice versa, as well as having meetings between the two countries' businessmen were essential for promoting investments and expanding commercial ties," he said.
The Iranian merchants in the meeting reiterated the need to deepen economic cooperation between the two sides.
Head of the Iranian delegation cited the value of trade between the two countries to be $400 million, adding that this level was expected to rise.
Hojjat Fazl-Ali, who is also the Chief Consultant of Tehran Commercial Organization, further added that the expansion of economic ties between the two countries would help nullify economic sanctions.