Syrian dictator Bashar al-Assad has signed a law ratifying a $1 billion
credit line from the Iranian regime, Syria's state news agency SANA said on
Wednesday.
The agreement was between two state-owned banks, the Syrian Commercial
Bank and Export Development Bank of Iran, it said. Syria signed a previous $3.6
billion credit line with Iran in July 2013 which has been used up mostly for
oil imports, bankers have said.
The new deal was signed on May 19 and approved by the Syrian regime's
parliament on Tuesday, SANA said. The money would be used for funding imports
of goods and commodities and implementing projects, it said, without giving
details.
The Iranian regime's financial aid has been seen as pivotal to the Syrian
regime and the economy, which has shrunk by more than a half in the four years
since the conflict erupted, researchers say.
Syrian officials and businessmen said in May that Damascus was about to
finalise details of a new credit facility.
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