SEMNAN – Chairman of the Iran-Syria Joint Chamber of Commerce announced here on Sunday that the two countries have come to terms for setting up joint bank and insurance institutions, IRNA reported.

Mr. Hassan Javad added that the joint bank will be furnished with 30 million dollars, of which the two countries will provide 10 million dollars each, and the rest 10 million dollars will be secured through issuing subscription bonds.
The joint insurance institution’s capital will be five million dollars, of which the two countries will provide 1.5 million dollars each, and the rest 2 million dollars will be secured through issuing subscription bonds, he noted.
He pointed out that the Iran-Syria Joint Chamber of Commerce planned to augment the value of trade to 800 million dollars from the current 200 million dollars.
The Syrian official called for more cooperation of the private sector for expansion of the bilateral economic relations.
Currently, Iran has several industrial projects underway in Syria including cement factories, car assembly lines, power plants, and silo building