Syrian residents and non-residents are now allowed to open accounts in foreign currencies at the Commercial Bank of Syria and to feed them with wire transfers, foreign banks cheques and bank notes.
The Syrian state-run insurance company, the Syrian Insurance Company (SIC), posted a net profit of SYP1.882 billion (USD37.6 million) in 2001, Teshreen said.
Deposits at the state-run Commercial Bank of Syria (CBS) rose to SYP475.2 billion (USD9.504 billion) at the end of 2001 from SYP423 billion (USD8.460 billion) at the end of 2000, reported Teshreen.
Syria recently completed the requirements needed to join the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, making it the agency's 156th member.
According to al-Hayat, the private banking sector in Syria has suffered a new setback with licenses not expected before the first quarter of next year.
The Syrian government is projecting to inject around SYP10 billion (USD200 million) in the coming three years into the state-owned banking sector in order to upgrade it reported Teshreen.
The International Finance Corporation (IFC) is providing a USD13.2 million loan to United Joint Stock Company for Petrochemical Industries (UCPI), an alkyl benzene (LAB) manufacturing company that is to be set up by Syria's Ahmed Daaboul and Sons.
According to Syria's minister of economy, a license will be awarded for a private bank to operate in the country next September.
The Commercial Bank of Syria is to set up an operation center to manage the use of the Visa credit cards in Syria, according to Al-Thawra.
According to Ghassan Al-Rifai, Minister of Economy, Syria will be licensing the first private banks by the end of the fall of this year.
Salah Kamel, head of the Saudi Dallah Al-Baraka conglomerate has announced that it had forwarded an application for the set up of a private bank in Syria.
The EU and Syria have agreed on 24 April on a "National Indicative Programme" for EU grant co-operation programme for the years 2002 to 2004.
The European Union representation in Damascus announced Thursday that the EU would grant EUR 93 million (USD 83 million) to Syria over three years, from 2002 to 2004.
Japan has awarded a YEN796 million (USD6 million) grant for the rehabilitation of water distribution pipelines in Damascus city.
The European Commission has released a call to tender for assisting the establishment of Syria's future "Higher Institute of Business Administration".


Wedding Expo
Damascus International Fairground
Labour Law Seminar
Damascus Chamber of Commerce